1. Last year, Archer Daniels Midland Company (ADM) had a dividend of $6 per share (DIV₀ = 6). Analysts predict that the company will experience an abnormal growth rate of 17% for the next four years and then the growth rate will drop to a constant rate of 3%. What is the dividend per share at year 5?

2. Last year, Archer Daniels Midland Company (ADM) had a dividend of $6 per share (DIV₀ = 6). Analysts predict that the company will experience an abnormal growth rate of 19% for the next five years and then the growth rate will drop to a constant rate of 6%. What is the expected dividend per share at year 6?

3. California Water Service Group Co. (CWT), a utility company, has experienced a constant growth rate of 3% for a long time and the constant growth is expected to continue. The company reported a free cash flow to equity per share of $3.21 for the current year (DIV0 = $3.21). If investors require 7% return, what should be CWT's stock price?