(Quantitative Question) You expect KT industries (KTI) 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. KTI's 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) if the payout ratio and return on new investments remain constant and dividends are paid annually What is the value of a share of Kli's stock today (to) 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 timelines