TPHB Inc. is expected to have earnings next year of $$7\mathrm{.}50$ per share, and it employs a plowback

ratio of $60\%.$ TPHB$$s capitalization rate is $14\%$ and it can earn $16\%$ on its investment opportunities

$($ROE$).$ Its current stock price is $$68\mathrm{.}18.$

a$.$ What is the value of TPHB$$s PVGO? $$14\mathrm{.}61$

b$.$ If TPHB reduced its plowback ratio to $40\%,$ what would you expect its current price to be$?$

$$59\mathrm{.}21$

I know the answers are correct I just need the work for a and b$.$