Johnson and Johnson, a leading manufacturer of healthcare products, had a return on equity in 1992 of 31.4%, and paid out 36% of its earnings as dividends. It earned a net income of $1,625 million on a book value of equity of $5,171 million. As a consequence of healthcare reform, it is expected that the return on equity will drop to 25% in 1993 and that the dividend payout ratio will remain unchanged. A. Estimate the growth rate in earnings based upon 1992 numbers. B. Estimate the growth rate in 1993, when the ROE drops from 31.4% to 25%