23. A stock just paid a $2.00 dividend that is anticipated to grow at 6% indefinitely. Similar stocks are returning about 13%. The estimated selling price of this stock is:

a. $30.29

b. $15.38

c. $16.31

d. $28.57

24. The last dividend paid by Abbot Labs was $1.00. Abbot's growth rate is expected to be a constant 8% for three years, after which the growth rate is expected to be 10%. Investors require a return of 16% on stocks like Abbot. What should the price of Abbot's stock be?

a. $15.36

b. $16.36

c. $17.00

d. $17.40

e. $18.40