1) Warr Corporation just paid a dividend of $1.5 a share. The dividend is expected to grow 15.90% a year for the next 3 years and then at 5% a year thereafter. What is the expected dividend per share for each of the next 4 years?

2) Martell Mining Companys ore reserves are being depleted, so its sales are falling. Also, because its pit is getting deeper each year, its costs are rising. As a result, the companys earnings and dividends are declining at the constant rate of 5% per year. If current dividend is $5 and required rate of return 23.90%, what is the value of Martell Minings stock?