The stock of Nogro Corporation is currently selling for $20 per share. Earnings per share in the coming year are expected to be $4. The company has a policy of paying out a fraction of 0.5 of its earnings each year in dividends. The rest is retained and invested in projects that earn an ROE of 20%. This situation is expected to continue indefinitely. By how much does its value exceed what it would be if all earnings were paid as dividends and nothing were reinvested, i.e., what is the PVGO? (Do not round intermediate calculations. Enter the answer as a numerical number rounded to 2 decimal places.) Question 12 3.43 pts Janet Ludlow's firm requires all its analysts to use a two-stage DDM and the CAPM to value stocks. Using these measures, Ludlow has valued QuickBrush Company at $63 per share. She now must value SmileWhite Corporation. Calculate the required rate of return for SmileWhite using the information in the following table: December 2010 Quick Brush SmileWhite 1.35 1.2 Beta Market Price Intrinsic Value $45 $30 $63 ? Note: Risk free rate = 4%; expected market return = 14.5% Instruction: enter your answer as a decimal rounded to 4 decimal place