Using the P$/$E ratio approach to valuation, calculate the value of a share of stock under the following conditions

the investor's required rate of return is $12$ percent,tl

the expected level of earnings at the end of this year $($E$)$ is $$5,$

the firm follows a policy of retaining $20$ percent of its earnings,

the return on equity $($ROE$)$ is $15$ percent,

andsimilar shares of stock sell at multiples of $8\mathrm{.}888$ times earnings per share

Now show that you get the same answer using the discounted dividend model