A Corp. shares are curently trading at $32/share and are expected to pay adividend of $0.96 over the coming year. An analyst has estimated that next year's earings will be $3 and that the year-end P/E will be 12. Should an investor with a required rate of return of 14.5% purchase A shares based on this  analysis?

Answer: 

Based on the estimated earings (E1) OF $3 and the estimated P/E of 12, the year-end price is forecast to be 3*12=36 and the total return will be : (36-2+0.96)/32=15.5%, 15.5/%>14.5%, so should purchase.

书上只是介绍(P/E)1=(D1/E1)(k-g),在这里不知道怎么体现出来的.

不太理解这个解答的过程.请知道的解释一下可以吗?多谢啦!!!