Joy's stock is expected to maintain a constant dividend payout ratio and constant growth rate of earnings for the foreseeable future. Current earnings per share are $4. The dividend payout ratio has been a constant 60 percent in recent years and is expected to remain so. Joy's return on equity (ROE) is expected to remain at 15 percent in the future, and you require at 12 percent return on the stock. Using the constant growth dividend discount model, calculate the current value of Joy common stock. Show your calculations. Calculate the current value of Joy's common stock using the dividend discount model assuming Joy's dividend will grow at a 20 percent rate for the next two years, returning in the third year to the historical growth rate that you calculated in part A, and continuing to grow at the historical rate for the foreseeable future. Show your calculations