Florida Power and Light (FPL) is projecting a $1.50 dividend for the next year and their dividend is expected to grow at 1.75% per year. The beta of the company is 0.45, risk-free rate is 3%, and the market risk premium E (rm) - r;= 12%. What might be a good estimate for the stock price of FPL? (Solve using CAPM and Constant Dividend Growth Model). If the company's Return on Equity is 25%, what might be a good estimate of dividend payout ratio? (10 points)