1. The risk-free rate is 3.82% and the market risk premium is 9.97%. A stock with a of 0.98 just paid a dividend of $2.56. The dividend is expected to grow at 23.34% for five years and then grow at 4.98% forever. What is the value of the stock?

2. Caspian Sea Drinks needs to raise $69.00 million by issuing additional shares of stock. If the market estimates CSD will pay a dividend of $1.91 next year, which will grow at 4.53% forever and the cost of equity to be 10.23%, then how many shares of stock must CSD sell?