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Question 4: 7.5 points A financial analyst presents you with the following forecasts (in thousands of dollars) of earnings and dividends for 2021-2024. 2021 2022 2023 2024 Given: Earnings Dividends 105 150 160 170 70 85 97 100 . . The applicable required rate of return for the firm's equity is 10%. The company has 300 thousand shares outstanding in the stock market at the end of 2020. This is when the firm's common shareholders' equity is $750 thousand. Assume that the company's residual earnings will grow at a constant rate from Year 2021 onward. For each year, from 2021 to 2024: Forecast the company's book value of equity. (1.5 points) b. Calculate the firm's return on common equity. (1.5 points) c. Estimate the company's residual earnings and interpret its meaning. (1.5 points) d. Compute the growth rates for the firm's residual earnings. (1.5 points) e. Calculate the Price-to-Book ratio for the company and analyze whether this firm is worth more or less than the book value. Support your answer with an explanation. (1.5 points)