This question and the next three questions are based on the following situation. The earnings per share (EPS) of BioSciences Ltd. in Year 0 is 5.2. BioSciences is not expected to pays any cash dividends during Year 0 to Year 5 (both inclusive), and is expected to reinvest all its earnings during these years. The firm's expected ROE for investments made during Year 0 to Year 5 is 17.1% per year. The firm's ROE on new investments made in year 5 or later is expected to fall to 11.7% per year. The expected return on the equity of BioSciences is also 11.7% per year. Therefore, the firm do not intend to retain any profits from Year 6