Castles in the Sand generates a rate of return of $10\%$ on its investments and maintains a plowback ratio of $0\mathrm{.}50.$ Its earnings this year will be $$3$ per share. Investors expect a rate of retum of $8\%$ on the stock.

a$.$ Find the price and P$/$E ratio of the firm.

Note: Do not round intermediate calculations. Round your answers to $2$ decimal places.

Price

PIE ratio

b$.$ Find the price and $\frac{P}{E}$ ratio of the firm if the plowback ratio is reduced to $0\mathrm{.}40.$

Note: Do not round intermediate calculations. Round your answers to $2$ decimal places.

$\backslash$table$[[$Price$,],[$PIE ratio,$]]$

Please show work and explain