Currently,the dividend-payout ratio for aggregate market is 60%, the required return is 11%, and the expected groth rate for dividend is 5%, compute

Currently,the dividend-payout ratio for aggregate market is 60%, the required return is 11%, and the expected groth rate for dividend is 5%, compute the current earning multiplier, you expect the D/E ratio to decline to 50%, but you assume there will be no other changes, what will be the P/E. Starting with the initial condition, you expect the dividend - pay out to be constant, the rate of inflation to increase by 3%, and the growth rate to increase by 2%. compute the expected P/E