Question 17) Chipotle Mexican Grill recently completed the year and had earnings per share of $15 per share (EPS.). Currently, the company has a return on new investment of 25% and they do not pay any dividends. They do not plan on paying any dividends for the next two years, but in year 3, they will pay a dividend based on a payout policy of 50% of earnings and they plan to maintain that policy for the foreseeable future. If you are an investor who has a 14% required rate of return, how much would you be willing to pay for this stock? Solve using excel and answer the question too