1. A stock is expected to pay $5 dividends semiannually in perpetuity. If the required rate of return on this stock is 6% compounded semiannually, what should the share price be today?

2. A stocks next annual dividend payment is anticipated to be $3. After that, dividends are expected to grow at 2% a year. If the required return on this stock is 5% a year, how much should a share be worth today?

3. A stock is expected to pay a $2 dividend in three years. The stock will make no other payments until year 10, when it will begin issuing dividends starting at $1 per year and growing at a rate of 5% a year. If the required return on this stock is 10%, what is the share price today?