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 a low stock price for the next year. Suppose we have the following information on a particular company over the past four years. Year 1 Year 2 Year 3 Year 4 High price $ 28.93 $ 27.82 $ 31.92 $ 38.51 Low price 21.36 21.68 27.15 27.91 EPS 1.70 1.83 1.96 2.30 Earnings are projected to grow at 9% over the next year. (Do not