$1.$ Microweb Company has never paid a dividend. But, this year the company expects to pay a dividend equal to $$2\mathrm{.}50$ per share, and it plans to continue paying this same dividend for the following two years $($a total of three years$).$ After the $$2\mathrm{.}50$ dividend is paid at the end of Year $3($i$.$e$.,$ beginning in Year $4),$ the company expects the dividend to grow at a $3$ percent rate, and this growth rate will continue indefinitely. If investors require a $14$ percent rate of return to purchase the company$$s common stock, what should be the market value of Microweb$$s stock today?

$2.$ Ultimate Electric, Inc. has just developed a solar panel capable of generating $200$ percent more electricity than any solar panel currently on the market. As a result, Ultimate is expected to experience a $15$ percent annual growth rate for the next five years. When the five$-$year period ends, other firms will have developed comparable technology, and Ultimate$$s growth rate will slow to $5$ percent per year indefinitely. Stockholders require a return of $12$ percent on Ultimate$$s stock. The firm$$s most recent annual dividend $($D$0),$ which was paid yesterday, was $$1\mathrm{.}75$ per share.

a$.$ Calculate the value of the stock today.

b$.$ Calculate the dividend yield, $/$P$0,$ the expected capital gains yield, and the expected total return $($dividend yield plus capital gains yield$)$ for this year. Calculate these same three yields for Year $5.$