Q4. (10pt) P&G reported earnings per share of $10 in 2019 and paid out 50 percent of these earnings as dividends that year. Assume a beta of 0.80, a risk-free rate of 4.5 percent, and a mature market equity risk premium of (a+b)/2 percent (where, a-the # of afphabets of your First name and bathe # of alphabets of your Last name.) (For example, Minwoo Song-> a=6 and b4 and hence risk premium is (6+4)/2 = 5%) Now, we estimated a 3 percent growth rate, in conjunction with earnings and dividends for the next five years, and discounting these dividends back at the cost of equity, we arrive at a cumulative value of SY per share for the dividends during these five years. YEAR 1 $10 YEAR 2 (1) YEAR 3 (2) YEAR 4 (3) SUM YEAR 5 (4) Earnings per share Payout ratia Dividends per share Cost of equity (5) (6) (7) (8) (9) (10) (11) Present value (12) (13) (14) (15) (16) (17) 0.) Complete the table above.(5pt) O practice Question pdf Assignment 2. Questo Assignment 2 Quedin (1) Complete the table above.(Spt) After years, we assume that P&G will be in stable growth, growing 3 percent a year (just below the risk-free rate). To go with the lower growth, we assume that the firm would pay out 75 percent of its earnings as dividends and face a slightly higher cost of equity of 8.5 percent. (II)Obtain the value per share.(5pt) 2 - 3 g