Question 3 2 pts On January 1, 2020, an analyst prepares the following forecasts for RENDERS INC.: 2020 2021 2022 2023 2024 Total Profit Growth 50% 10% 4% 3% 3% Payout Ratio 30% 50% 90% 90% 90% RENDERS INC's cost of equity equals 10 percent. Calculate the analyst's expected value-to-earnings ratio for RENDERS INC. on January 1, 2020 under the terminal value (as of 2024) assumption that incremental sales do not provide abnormal earnings (i.e., zero percent sales growth)