You expect KT Industries $($KTI$)$ will have earnings per share of $$3$ this year and expect that they will pay out $$1\mathrm{.}50$ of these earnings to shareholders in the form of a dividend. KTI's return on new investments is $15\%$ and their equity cost of capital is $12\%.$

$1.$ The value of a share of KTI's stock is closest to:

$2.$ If return on new investment is $10\%$ and equity cost of capital is $12\%,$ what is the value of KTI's stock price per share?

$3.$ If return on new investment is $12\%$ and equity cost of capital is $12\%,$ what is the value of KTI's stock price per share?

$4,$ If KTI increases its dividend payout rate to $100\%$ and equity cost of capital remains at $12\%,$ what is the value of KTI's stock price per share?