Phranque Lee-oo, Inc., expects earnings at the end of the year to be $400 million, and it plans to payout $340 million in dividends. The retained earnings will be invested in new projects that have an expected return of 14% per year. If the company maintains the same payout ratio and the return on new investment remains unchanged: a) What is the growth rate of earnings forecasted to be? b) If Phranque Lee-oo, Inc., has 120 million shares outstanding and a cost of capital of 10%, what is the price per share?