I Starting at date 1, JC Penney is expected to pay out 40% of its earnings and to earn an average return of 15% per year on its incremental reinvested earnings forever. Stocks with similar risk are currentlyr priced to provide a 12% expected return- I What is the expected rate of growth in JC Penney's earnings\"!I I What is the atpected rate of growth in JC Penney's dividends?I I What is the PIE ratio for the stock? I What portion of the return on JC Penney stock is expected to come from dividend yield? From capital gains? I Suppose that JC Penney's sustainable earnings per share equal $3. Check that the following three ways of computing the current value of JC Penney's stock would give you the same answer: Multiply earnings by the PIE ratio; Use the discounted dividends formula; Use the discounted earnings formula