20) A project that will last for 10 years is expected to have equal annual cash flows of $102,100. If the required return is 9 percent, what maximum initial investment would make the project acceptable? A) $1,551,198.12 B) $571,307.06 C) $655,242.85 D) $627,360.30 E) $612,114.71 21) Brickhouse is expected to pay a dividend of $3.45 and $2.58 over the next two years, respectively. After that, the company is expected to increase its annual dividend at 4.1 percent. What is the stock price today if the required return is 11.9 percent? A) $30.57 B) $27.49 C) $32.63 D) $37.46 E) $35.07 22) CDB stock is currently priced at $70. The company will pay a dividend of $4.17 next year and investors require a return of 10.3 percent on similar stocks. What is the dividend growth rate on this stock? A) 5.21% B) 4.05% C) 4.13% D) 4.34% E) 5.96% Stoneheart Group is expected to pay dividend of $1.03 next year. The company's dividend growth rate is expected to be 46 percent indefinitely and investors require a return of Il percent on the company's stock. What is the stock price A) $44.98 B) $42.61 C) $47.34 D) $2755 E) $49.52 24) McCarty Corporation recently paid an annual dividend of $2.62 on its common stock. This dividend increases at an average rate or 3.8 percent per year. The stock is currently selling for $28.12 per share. What is the market rate of return? A) 13.88% B) 14.21% C) 14.379 D) 13.47% E) 14.07% 25) A company has a project available with the following cash flows: Year 0 1 2 3 4 Cash Flow -$ 33, 830 12,840 14,740 20,290 11,540 If the required return for the project is 8.8 percent, what is the project's NPV? A) $25,580.00 B) $13,212.06 C) $6,177.65 D) $16,472.18 E) $14,413.16