The Farmer Co$.$ has a payout ratio of $65\%$ and a return on equity $($ROE$)$ of $16\%($assume that this is expected ROE for the upcoming year$).$ What will be the appropriate price$-$to$-$book value $($PBV$)$ based on return differential if the expected growth rate in dividends is $5\mathrm{.}6\%$ and the required rate of return is $13\%?$