Problem $8-25$ P$/$E Ratio Model and Future Price $($LG$8-7)$

Kellogg Co$.($K$)$ recently earned a profit of $$4\mathrm{.}02$ earnings per share and has a P$/$E ratio of $20\mathrm{.}25.$ The dividend has been growing at a $4$ percent rate over the past few years.

If this growth rate continues, what would be the stock price in five years if the P$/$E ratio remained unchanged? What would the price be if the P$/$E ratio declined to $15$ in five years? $($Round your answers to $2$ decimal places.$)$

Stock price

Stock price with new P$/$E