In each of the following questions, indicate clearly the steps in your calculations and the formula used. Drav the timeline. Show your work. Indicating only a numerical value as an answer will not receive credit. (20pts) 5. Brewers ' Company's (BRW) common stock is currently trading for $25.00 per share. The stock is expected to pay a $2.50 dividend at the end of the year and BRW's equity cost of capital rE is 14%. (5pts) (a)If the dividend payout rate (of 75% ) is expected to remain constant, then what is the expected growth rate in BRW's earnings? (12pts) (b)Suppose that BRW has a new investment opportunity that is expected to yield a return of 12%, should BRW reduce its dividend payout rate to 70% in order to invest in this project? Calculate and explain your reasoning. (3 pts) (c) Could you have arrived at your answer to (b) without calculations? Explain