pratice problem 8 projected earnings and dividends to year four(t=4) r=0.09 1-b=0.45 (average) ROE=0.1 (industry) E3=3 P/E=12 (industry) Q1, terminal value based on comparables Q2, terminal value based on Gordon growth model just got confused about Q1, the answer just let E3 multiply the industry P/E and get 36. but i thought which should let E5*P/E because terminal value would be based on the 5th year```` anyone could help me ?