. IBM recently traded for $115 per share.Analysts consider its P.E. ratio (Price-earnings ratio, P₀/EPS₁) to be 27.If a discount rate of 11% is considered appropriate for IBM shares, (a) what fraction of the price of a share can be attributed to its future growth opportunities (PVGO/P₀) ?(3 points)? (b) If IBM decides on a policy of growing their dividends forever at a constant rate of 10%/year, what dividend policy would you recommend (payout ratio, DIV₁/EPS₁) (3 points)?