17. Panama's stock has a required return of 12%, and the stock sells for $40 per share. The firm just paid a dividend of $1, and the dividend is expected to grow by 30% per year for the next 4 years, so D4 = $1(1.30)4 = $2.8561. After t = 4, the dividend is expected to grow at a constant rate of X% per year forever. What is the stock's expected constant growth rate after t = 4, i.e., what is X?* A. 5.17% B. 5.44% C. 5.72% O D. 6.34% O E. None of the above 18. Dual Power Company is expected to pay a dividend of $4 next period, and dividends are expected to grow at 6% per year. If the required return is 16% and the current price (PO) is $40, what is the stock price at year 4 (P4)? * O A. $45.10 O B. $48.20 C. $50.49 O D. $52.30 O E. None of the above 19. Suppose a firm is expected to increase dividends by 20% in one year and by 15% in two years. After that, dividends will increase at a rate of 5% per year indefinitely. If the next dividend is $1.20 and the required return is 20%, what is the price of the stock? * A. $6.51 B. $7.81 C. $8.67 O D. $9.64 O E. $9.66 20. The last dividend (DO) of stock Y was $2.25 and g (which is constant) - 4%. If the stock price is $50, what is the stock's expected dividend yield for the coming year? * O A. 4.12% O B. 4.68% C. 4.99% D. 5.13% O E. None of the above