(Quantitative Question) You expect KT industries (KT) will have earnings per share of $3 this year (t = 1) and expect that they will pay out $1.20 of these earnings to shareholders in the form of a dividend. KTIS return on new investments is 15% and the required rate of return on the company's stock is 13. What is the value of a share of KTI's stock today (t = 0) if the payout ratio and return on new investments remain constant and dividends are paid annually. What is the value of a share of KTI's stock today (t = 0) if the payout ratio and return on new investments remain constant and dividends are paid annually? (Round to 2 decimal places.) Write your answer both in the spaces above and on the empty pages on which you will show your work for each part (including timeline)