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Based on the constant-growth model and taking into consideration the current market price of PEC ($1.77), the dividends per share PEC paid in 2020 ($0.15) and assuming PEC dividends grow at a constant rate of 2%, is PEC stock overvalued or undervalued? (make sure you are using the effective annual rate) Select one: : a. Overvalued b. Undervalued Based on the constant-growth model and taking into consideration the current market price of PEC ($1.77), the dividends per share PEC paid in 2020 ($0.15) and assuming PEC dividends grow at a constant rate of 2%, is PEC stock overvalued or undervalued? (make sure you are using the effective annual rate) Select one: : a. Overvalued b. Undervalued