In which of the following scenarios is firm's market-to-book ratio most likely to decrease the most, when it decreases its earnings reinvestment rate? Assume the firm is an all-equity firm. Future ROE=12%, cost of equity 15% and with the outlook of its projects of 30 years. Future ROE =18%, cost of equity 15% and with the outlook of its projects of 5 years. Future ROE =18%, cost of equity 15% and with the outlook of its projects of 30 years. Future ROE =12%, cost of equity 15% and with the outlook of its projects of 5 years