3a. Coconut Co. has an issue of preferred stock outstanding that pays a dividend of $8 per year in perpetuity. The required rate of return on this stock is 9%. Calculate the implied price per share. (Round to 3 decimals)

3b. Rudy-G Co. will pay a dividend of $2 per share next year. The dividends are expected to grow at 3% per year forever. Calculate the stock price assuming investors require a 7.25% rate of return on their investment. (Round to 2 decimals