​(Measuring growth) Solarpower Systems earned $20 per share at the beginning of the year and paid out $9 in dividends t

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​(Measuring growth)  Solarpower Systems earned $20 per share at
the beginning of the year and paid out $9 in dividends to
shareholders​ (so, Upper D 0 equals $ 9) and retained $11 to invest
in new projects with an expected return on equity of 19 percent. In
the​ future, Solarpower expects to retain the same dividend payout​
ratio, expects to earn a return of 19 percent on its equity
invested in new​ projects, and will not be changing the number of
shares of common stock outstanding.
a.  Calculate the future growth rate for​ Solarpower's
earnings.
b.  If the​ investor's required rate of return for​ Solarpower's
stock is 14 percent​, what would be the price of​ Solarpower's
common​ stock?
c.  What would happen to the price of​ Solarpower's common stock
if it raised its dividends to $12 and then continued with that same
dividend payout ratio​ permanently? Should Solarpower make this​
change? ​ (Assume that the​ investor's required rate of return
remains at 14 percent​.)
d.  What would happened to the price of​ Solarpower's common
stock if it lowered its dividends to ​$4 and then continued with
that same dividend payout ratio​ permanently? Does the constant
dividend growth rate model work in this​ case? Why or why​ not? ​
(Assume that the​ investor's required rate of return remains at14
percent and that all future new projects will earn 19 percent.)