Suppose you gathered the following information regarding Beta Corp: Current year (2015) EPS = $4 Plowback ratio = 0.4 Required return = 12% Current stock price = $50 Dividend growth rate in the foreseeable future = 5%

Given that dividends are paid out at the end of year, Estimate present value of growth opportunities (PVGO) and estimate the fraction (percentage) of the companys leading P/E ratio that comes from PVGO