1. The required rate of return is 21.95 percent. Ninex Corp. has just paid a dividend of $3.12 and is expected to increase its dividend at a constant rate of 7.65 percent. What is the expected price of the stock three years from now?

2. Moriband Corp. paid a dividend of $2.66 yesterday. The company's dividend is expected to grow at a steady rate of 5 percent for the foreseeable future. If investors in the stocks of companies like Moriband require a rate of return 20.5 percent, what should the market price of Moriband stock?

3. Fresno Corp. is a fast-growing company whose management that expects its grow at a rate of 25 percent over the next two years and then to slow to a growth rate of 17 percent for the following three years. If the last dividend paid by the company was $2.15. Compute the present value of these dividends if the required rate of return is 14 percent.