6. A stock is expected to pay a $4 annual dividend one year from today. Dividends are expected to grow at a 4.7% rate annually. To an investor who requires a 14% return, what is the stock worth? Round to the nearest cent.

7. if the stock in the previous question can be bought for $48, what is the investor's expected return?

Formatting: Enter "11.25" for 11.25%