DDD, Inc., expects earnings at the end of this year of $15 per share, and it plans to pay an $8 dividend at that time. DDD will retain the rest of its earnings to reinvest in new projects with an expected return of 15.6% per year. Suppose DDD will maintain the same dividend payout rate, retention rate, and return on new investments in the future and will not change its number of outstanding shares. Please round your answers to two decimals. a) What growth rate of earnings would you forecast for DDD? (5 marks) b) If DDD's equity cost of capital is 18.8%, what price would you estimate for DDD stock today? (5 marks) c) Suppose DDD instead paid a dividend of $10 per share at the end of this year and retained the rest of earnings. If DDD maintains this higher payout rate in the future, what stock price would you estimate now? (5 marks) d) Should DDD raise its dividend? Please explain your reasons.