No-Growth Industries pays out all of its earnings as dividends. It will pay its next $2 per share dividend in a year. The discount rate is 10%.

a.	What is the price-earnings ratio of the company? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

P/E ratio

b.	What would the P/E ratio be if the discount rate were 4%? (Round your answer to 2 decimal places.)

P/E ratio