No-growth industries pays out all of its earnings as


No-Growth Industries pays out all of its earnings as dividends. It will pay its next $3 per share dividend in a year. The discount rate is 16%. What is the price-earnings ratio of the company? (Do not round intermediate calculations. Round your answer to 2 decimal places.) What would the P/E ratio be if the discount rate were 5%? (Round your answer to 2 decimal places.)

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Financial Management: No-growth industries pays out all of its earnings as
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