The stock of Nogro Corporation is currently selling for $25 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 16%. This situation is expected to continue indefinitely.

b.	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?