Robert Gillman, an equity research analyst at Gillman Advisors, believes in efficient markets. He has been following the mining industry for the past 10 years and needs to determine the constant-growth rate that he should use while valuing Pan Asia Mining Co. Robert has the following information available: Pan Asia Mining Co.'s stock (Ticker: PAMC) is trading at exist16.25. The company has forecasted net income and book value of the equity for coming year to be exist1, 025, 700 and exist8, 027, 500, respectively. The company has also been paying dividends for the past 8 years and has maintained a dividend payout ratio of 32.50%. Based on this information, Robert's forecast of PAMC's growth rate in earnings and should be: 15.98% 8.62% 20.77% 6.23% which of the following statements accurately described the relationship between earnings and dividend when all other factors are held constant? Long-run earnings growth will decrease when firms retain earnings and reinvest them in the business. Retaining a higher percentage of earnings will result in a lower growth rate. All else being equal, growth in dividends requires growth in earnings