32. If the beta of Braxton, Inc. stock is 0.85, the risk-free rate (Rf) is 4.5%, and the market risk premium is 8.9%, what is the equilibrium expected rate of return on Braxtons stock according to the Capital Asset Pricing Model?

33. Compute the price of a companys stock that just paid a dividend of $3.25 (that is, D0 = 3.25), assuming that the growth rate in dividends is expected to be 4.5% per year forever and that the required rate of return on this stock is 18.5%.

34. Ma&Son Company is expected to pay a dividend of $2.60 one year from today (i.e., D1 = 2.60). The companys required rate of return is 11%. If the market expects that the dividend will grow at a constant rate of 4% per year forever, Ma&Sons stock should sell for $______ today.