You expect JK Industries (JKI) had earnings per share of $5 last year with a 100% payout ratio. Given an expectation of no growth, what is the companys share price if the equity cost of capital is 15%? Suppose they consider a new project. JKI's return on new investments is 13% and the project will be financed by adopting a payout ratio of 25%. If the equity cost of capital is unchanged, what is the new share price? Does the project maximize shareholder value?