1. If a firm pays $7,990 dividend now after investing in all best opportunities from it initial endowment of $23,967, what will be the value of the firm after investment decision when firm's average rate of return from investment is 42% and average market rate of return is 12%? Assume two-period perfect certainty model.

2. A firm pays $7,382 dividend today and invest the remaining fund of $20,838 at 32%. Market rate of return is 10%. How much dividend the firm can pay in the next period under two-period perfect certainty model?