Kellogg Co. (K) recently earned a profit of $3.52 earnings per share and has a P/E ratio of 20.00. The dividend has been growing at a 7 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 16 in five years? (Round your answers to 2 decimal places.)
Stock price $
Stock price with new P/E