Problem $8-13$ P$/$E Ratio Model and Future Price $($LG$8-7)$

Kellogg Company $(K)$ recently earned a profit of $$3\mathrm{.}02$ earnings per share and has a P$/$E ratio of $19\mathrm{.}75.$ The dividend has been growing at an $8$ percent rate over the past few years.

If this growth rate continues, what would be the stock price in four years if the P$/$E ratio remained unchanged? What would the price be if the $\frac{P}{E}$ ratio declined to $16$ in four years?

Note: Round your answers to $2$ decimal places.

Stock price

Stock price with new P$/$E