Constant Growth. Company P's return on equity is 30%. Management plans to plowback 30% of all earnings into the firm. Earnings this year will be $4 per share, and investors expect a 12% rate of return. a. Calculate the sustainable growth rate. Provide full details of your calculations. [] b. Calculate the stock price. Provide full details of your calculations. [] c. Calculate the present value of growth opportunities. Provide full details of your calculations. [2 marks] d. What would the P/E ratio be? What would the P/E ratio be if the firm pays out all earnings as dividends? How do you conclude about the relationship between growth opportunities and the P/E ratio? Provide full details of your calculations and explain your answer.