Using the following information:
1. The investors required rate of return is 15%
2. The expected level of earnings at the end of this year (E1) of $5.00
3. The retention ratio is 65%
4. The Return on Equity (ROE) is 13%
	a. Determine the expected growth rate for dividends
	b. Determine the price earnings ratio
	c. What is the stock price using the P/E ratio valuation method?
	d. What is the stock price using the dividend discount model?