If you look at stock prices over any year, you will find a high and low stock price for the year. Instead of a single benchmark PE ratio, we now have a high and low PE ratio for each year. We can use these ratios to calculate a high and a low stock price for the next year. Suppose we have the following information on a particular company:

Year 1 Year 2 Year 3 Year 4

High price $87.64 $99.68 $121.16 $132.91

Low price 69.66 82.76 80.52 109.64

EPS 6.53 8.95 8.61 10.20

Earnings are expected to grow at 5 percent over the next year.

What is the high target stock price over the next year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) High target price $

What is the low target stock price over the next year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Low target price $

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