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

Kellogg Company $($K$)$ recently earned a profit of $$3\mathrm{.}92$ earnings per share and has a P$/$E ratio of $20\mathrm{.}20.$ The dividend has been growing at a $5$ 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 P$/$E ratio declined to $14$ in four years?

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

Stock price

Stock price with new P$/$E