How can I calculate the question B. Please show me a step-by-step explanation.

ClapTrap is a rapidly growing image messaging company. The company's growth strategy requires rapid reinvestment currently. with dividend payouts increasing as growth opportunities gradually disappear. You have the following financial information: Earnings in the most recently concluded scal year were $6.63. The company will retain all its earnings this year (from t=0 to t=l ), reinvesting in new projects with a return on new investment of 43.0%. The next year (from t: 1 to t=2 ), the company will retain 85.0% of its earnings. Return on new investment is expected to be 33.0%. In the following year {from t=2 to t=3 ). the company will retain 68.0% of its earnings with an expected return on new investment of 17.0%. The company will then enter a period of stable growth, retaining 51.0% of its earnings in perpetuity. a. What are the expected dividends per share for each period from t=1 to t=3 '? (Round up to four decimal places) The expected dividends per share for t=1 is 3; 1.4221 . (Round up to four decimal places) Your last answer was interpreted as follows: 1.4221 The expected dividends per share for t=2 is $ 3.3849 . (Round up to four decimal places) Your last answer was interpreted as follows: 3.8849 The expected dividends per share for t=3 is $ 6.6364 . (Round up to four decimal places) Your last answer was interpreted as follows: 6.6364 b. ClapTrap common stock currently trades at $60.3 per share, and you estimate the cost of equity to be 14.4%. Given your answers above, what does the market believe the return on new investment will be for ClapTrap when it reaches its stable growth perpetuity phase. (Round up to two decimal places) The return on new investment will be 10.51 for ClapTrap when it reaches its stable growth perpetuity phase. [Round up to two decimal places) Your last answer was interpreted as follows: 10.5]