7. A firm will pay a year-end dividend of $6 per share in one-year time and dividends thereafter are expected to grow at a rate of 4% per annum. The present value of one share of the firm is $80. What is the discounting rate or the interest rate, in percentage in 2 decimal places? 8. How long will it take to double your deposit in a saving account that accumulates at 5% per annum compounded daily, in number of days (in integer)? 9. Jennifer Layer has a grandson, Owen, who just turned 8. A financial planner tells Jennifer that she should plan to have $60,000 cash available for her Owen's university education when he turns 18. Jennifer wants to put enough money now into an investment account for Owen to achieve what the financial planner has suggested. Jennifer found a very safe investment that guaranteed to pay her 4% (per annum) compounded quarterly for the coming 5 years. After that, it is expected that the economy condition will improve such that the interest rate will increase from 4% to 5.5%. To achieve her objective, how much money should Jennifer invest today in 2 decimal places? 10. Peter bought a perpetuity that promised to pay 30 dollars per year forever when the interest rate was 3% per annum. Peter subsequently sold the perpetuity when the interest rate was 2.65% per annum. Ignore transaction costs. What was the selling price in dollars, in 2 decimal places, Peter received