l 114.28 Consider a project that costs $1 million today but yields no returns for several years. Once the project becomes productive, it yields $250,000 annually forever. Suppose two rms are examining this project, a Japanese rm with a cost of capital of 7% and a US. rm with a cost of capital of 13%. Approximately how many more years than the US. rm would the Japanese rm be willing to wait until the project starts generating cash?" a) 14 years b) 5 years c) 24 yearsu d) 3 years 14.29 Assume an average dividend payout rate of 100% for both U.S. and Japanese companies. Suppose the average P/E ratio for Japanese rms is 38 and 16 for U.S. rms. Based on the dividend growth model, in order for Japanese and U.S. companies to have the same average cost of equity capital, how much higher would the Japanese annual earnings growth rate have to be? a) 7.24%. b) 6.31%. c) 5.83%. d) 8.39%. 14.30 Assume an average dividend payout rate of 60% for U.S. companies and 35% for Japanese companies. Suppose the average P/E ratio for Japanese rms is 38 and 16 for US. rms. Based on the dividend growth model, in order for Japanese companies to have the same 12% average cost of equity capital estimated for U.S. companies, how much higher would the Japanese annual earnings growth rate have to be'h a) 8.74%. b) 3.45%. c) 7.60%" d) 2.83%