Starting at date $1,$ JC Penney is expected to pay out $40\%$ of its earnings and to earn an average return of $15\%$ per year on its incremental reinvested earnings forever. Stocks with similar risk are currently priced to provide a $12\%$ expected return.What is the expected rate of growth in JC Penneys earnings?What is the expected rate of growth in JC Penneys dividends? What is the P$/$E ratio for the stock?