4. Universal Exports is expected to pay the following dividends over the next four years: $8, $4, $2, and $2. Afterwards the company is expected to maintain a constant 4 percent growth rate in dividends. If the required return is 15 percent, what is the maximum that you would be willing to pay for a stock of Universal today?

5. Toyota has preferred stock outstanding that pays a $1.00 quarterly dividend and has a required return of 12% APR. What should the stock be worth today?

6. Winter Time Adventures is going to pay an annual dividend of $2.86 a share on its common stock next year. This year, the company paid a dividend of $2.75 a share. The company adheres to a constant rate of growth dividend policy. If the current stock price is $40, what is the required return for the Winter Time stocks?