22. Copper Creek preferred stock pays annual dividend of $3 per share. If the current interest rate is 5%, how much should an investor be willing to pay for this preferred stock? Please show algebraic work.

23. Los Sanjos Inc. currently pays an annual dividend of $3.50 per share on its common stock. They plan to maintain the dividend at this level. No future growth is anticipated. If the current interest rate is 8%, what would be the current price of the common stock? Please show algebraic work.

24. Johnson & Jerry Inc. currently pays an annual dividend of $5. The dividend is expected to grow at a constant rate of 5%. If the interest rate is 10%, what is the current stock price? Please show algebraic work.