International flavors and fragrances, a leading creator and manufacturer of flavors and fragrances, paid out dividends of $0.91 per share on earnings per share of $1.64 in 1992. the firm is expected to have a return on equity of 20% between 1993 and 1997, after which the firm is expected to have stable growth of 6% a year (the return on equity is expected to drop to 15% in the stable growth phase.) the dividend payout ratio is expected to remain at the current level from 1993 to 1997. the stock has a beta of 1.10, which is not expected to change. the treasury bond rate is 7%.a. estimate the p/e ratio for international flavors, based upon fundamentals. b. estimate how much of this p/e ratio can be ascribed to the extraordinary growth in earnings that the firm expects to have between 1993 and 1997.