3) Macro Systems just paid an annual dividend of $0.55 per share. Its dividend is expected to double each year for the next three years (D₁ through D₃), after which it will grow at a more modest pace of 1% per year. If the required return is 5%, what is the current price?

5) Compute the price of a share of stock that pays a $81 per year dividend and that you expect to be able to sell in one year for $77, assuming you require a 55% return.