Genoa Bank is a mature bank that is expected to generate net income of $25 million next year and grow 3% a year forever. If the company is expected to generate a return on equity of 12%, faces a cost of equity of 9%, and expects to maintain next year's payout ratio in perpetuity, estimate the intrinsic (or fair) PE ratio (based upon fundamentals). Question 1 options: 8.33 11.11 12.50 16.67 17.20