1. A stocks most recent dividend was $2. The dividend is expected to grow by 3% and investors require an 8% return for holding the shares. what proportion in the decimal format of the current stock value is derived from the first 2 years of dividends?

2. Which of the following statements is most accurate regarding market efficiency?

		Implication of weak form of market efficiency is that we cannot beat the market by recent trend.
		Market efficiency implies that all stocks should have the same expected return.
		Implication of Semi-strong-form of market efficiency is that public or private information are already incorporated into stock prices.
		Strong-form market efficiency states that insiders can generate abnormal return comparing to market even if they have no financial knowledge.