Question 4 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 if the analyst estimates that the company's abnormal earnings growth for 2024 and beyond equals 3 percent annually