Problem 8-25 P/E Ratio Model and Future Price (LG8-7) Kellogg Co. (K) recently earned a profit of $2.52 earnings per share and has a P/E ratio of 13.5. 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 five years if the P/E ratio remained unchanged? What would the price be if the P/E ratio declined to 12 in five years? (Round your answers to 2 decimal places.) Answer is complete but not entirely correct. Stock price Stock price with new P/E $ $ 3.22 38.64