1. Tolo Co. is planning to buy back shares as follows. Buys of $10 million after 1 year, not after 2 years, and $20 million after 3 years. After that, the company stopped buying treasury shares and paid $25 million in total dividends for the fourth year. The total dividend payout is expected to grow by 3% every year from then on. If Tolo has 2 million shares issued and the cost of equity capital is 11%, what is the price per share today?

2. Compco Systems last year spent 5 billion% of its share buybacks without paying dividends. Assuming that Comco's cost of equity capital is 12% and its share buybacks grow by 8% per year, estimate the market capitalization of Comco. If the number of outstanding shares is 6 billion, what is the price of that share?