Using the P/E ratio approach to valuation, calculate the value of a share of stock under the following conditions: - The investor's required rate of return is 12 percent. - The expected level of earnings at the end of this year (Upper E 1) is $4. - The firm follows a policy of retaining 30 percent of its earnings. - The return on equity (ROE) is 15 percent. - Similar shares of stock sell at multiples of 9.333 times earnings per share. Now show that you get the same answer using the discounted dividend model