XYZ corp expects to earn $4 per share next year and plow back 37.5% of its earnings (i.e, it expects to pay out a dividend of $2.5 per share, representing 62.5% of its earnings). The dividends are expected to grow at a constant sustainable growth rate and the stocks are currently priced at $30 per share. How much of the stock's $30 price is reflected in Present Value of Growth Opportunities (PVGO) if the investors' required rate of return is 20%? (Hint: PVGO = value with growth value with no growth when no earnings is plowed back) $0 $10 $8 $6