Kellogg Co. (K) recently earned a profit of $2.62 earnings per share and has a P/E ratio of 19.55. 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 six years if the P/E ratio remained unchanged? What would the price be if the P/E ratio declined to 13 in six years? (Round your answers to 2 decimal places.)
Stock price $
Stock price with new P/E $