Permian Partners $($PP$)$ produces from aging oil fields in west Texas. Production is $1\mathrm{.}88$ million barrels per year in $2018,$ but production is declining at $6\%$ per year for the foreseeable future. Costs of production, transportation, and administration add up to $$25\mathrm{.}80$ per barrel. The average oil price was $$65\mathrm{.}80$ per barrel in $2018.$

PP has $7\mathrm{.}8$ million shares outstanding. The cost of capital is $8\%.$ All of PP$$s net income is distributed as dividends. For simplicity, assume that the company will stay in business forever and that costs per barrel are constant at $$25\mathrm{.}80.$ Also, ignore taxes.

a$.$ Assume that oil prices are expected to fall to $$60\mathrm{.}80$ per barrel in $2019,$ $$55\mathrm{.}80$ per barrel in $2020,$ and $$50\mathrm{.}80$ per barrel in $2021.$ After $2021,$ assume a long$-$term trend of oil$-$price increases at $4\%$ per year. What is the ending $2018$ value of one PP share? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

b$-1.$ What is PP$$s EPS$/$P ratio? $($Do not round intermediate calculations. Round your answer to $4$ decimal places.$)$

b$-2.$ Is it equal to the $8\%$ cost of capital?