45. Panthers, Inc. has a capital structure of 20% debt and 80% equity. The tax rate is 40%. The firms bonds currently trade in the market for $950. These face value $1,000 bonds have a coupon rate of 6%, paid semiannually, with 10 years to maturity. The firms common stock trades for $20 per share. The firm just paid a dividend of $2. Future dividends are expected to grow at 3% per year forever. Panthers WACC is _____%. Round your answer to 2 decimal places.

Malcolm Manufacturing, Inc. just paid a $2.00 annual dividend (that is, D0 = 2.00). There will be no dividend payment for the next two years (i.e., at t = 1 and t = 2). In year three (t = 3), the dividend is expected to be $5.00. The dividend will then grow at 10% annually for the next 3 years (i.e., at t = 4, t = 5 and t = 6) and thereafter (i.e., beginning at t = 7) dividends will grow at a rate of 3% annually forever. Assuming a required return of 14%, what is the current price of the stock?