Web Cites Research projects a rate of return of 20 percent on new projects. Management plans to plow back 30 percent of all earnings into the rm. Earn- ings this year will be $2 per share, and investors expect a 12 percent rate of return on the stock. a) What is the sustainable growth rate? b) What is the stock price? c) What is the P/E ratio? d) What would the price and P/E ratio be if the rm paid out all earnings as dividends? e) What do you conclude about the relationship between growth opportuni- ties and P/E ratios? f) What is the present value of growth opportunities?