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A P/E multiple could be high relative to the S&P 500 Index because its high growth rate justifies it. If a certain stock has an ROE of 18.5% with a dividend payout ratio of 55% and a market cap rate of 12%, then investors consider ____________to be the justified P/E for the stock? However, if the dividend payout rate drops to 45% the justified P/E would jump up to _______________.

14.97; 24.66

14.56; 25.22

13.43; 23.71

15.17; 24.12