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Cindy Smith is a buy-side analyst for a large investment fund. She frequently uses dividend discount models (DDM), such as the Gordon growth model, to value consumer non-cyclical stocks that she covers. One of the stocks she covers is Proctor & Gams (PG). The current dividend for PG is $1.46 and the dividend payout ratio is 60% (expected to be stable for the foreseeable future). Assuming a cost of equity of 8.15% and a growth rate of 7%, calculate both thejustified leading and trailing PE ratiosbased on the fundamentals of PG.(Show all work)