Under a no-growth policy, the WMWM corporation is expected to generate earnings per share of $4. However, every year, the corporation plans to distribute only 60% of its annual earnings in dividends to its shareholders, and reinvest the balance in new projects. These new projects are expected to generate annual returns of 15% in perpetuity. Given its risk, the appropriate discount rate for WMWM is 10%. Letgdenote the annual dividend growth rate, and letPdenote today's stock price. CalculatePxg.