You're trying to estimate a firm's PE ratio. The firm is expected to have a 7% pa required return on equity. Over the next 2 years (t=0 to 2), the firm is expected have a: 8% pa earnings growth rate; and a 0% payout ratio. From year 2 onwards forever (t=2 to infinity), the firm is expected have a: 3% pa earnings growth rate; and a 75% payout ratio. Note that the first dividend will be paid at time 3. Calculate the firm's current (t=0) backwards-looking price-to-earnings ratio. Select one: 0 a. 19.3125 O b. 19.67516814 c. 20.43925234 d. 21.19626168 e. 82.52109355