Investor's required rate of return for Apollo and similar firms is 12%. Apollo's current (trailing) level of earnings per share (E) is $4.00. Apollo follows a policy of retaining 30% of its earnings. You estimate that Apollo's return on reinvested funds is 16% (and this accounts for all of Apollo's earnings growth). The shares of firms comparable to Apollo sell at P/E multiples of 12.33 times forward earnings per share (NTM, next 12 months). Using the P/E multiple approach, calculate Apollo's stock price. (P) Using the constant growth dividend model, calculate Apollo's stock price. If you believe that the markets will value the stock of Apollo at the price (P) above, which of the inputs (A) in the bullet list above would need to change to equate the two price estimates? Find the value (B) of that input. (A) (B)