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# Justin Cement Company has had the following pattern of earnings per share over the last five years: Year Earnings Per Share 20X1 $ 5.00 20X2 5.30...

The earnings per share have grown at a constant rate (on a rounded basis) and will continue to do so in the future. Dividends represent 40 percent of earnings.

**a. **Project earnings and dividends for the next year (20X6). **(Round the growth rate to the nearest whole percent. Do not round any other intermediate calculations. Round your answers to 2 decimal places.)**

**b. **If the required rate of return (Ke) is 13 percent, what is the anticipated stock price (P0) at the beginning of 20X6? **(Round the growth rate to the nearest whole percent. Do not round any other intermediate calculations. Round your answer to 2 decimal places.)**