9. Epion Inc. is expected to pay the following dividends over the next four years: $11, $8, $5 and $2. Afterward the company pledges to maintain a constant 5 percent growth rate in dividends forever. If the required return on the stock is 12 percent, what is the current share price? Do not round intermediate calculations and round your final answer to 2 decimal places.

10. Recession Corp. is a mature manufacturing company. It just paid a t $10.46 dividend but management expect to reduce the pay out by 4 percent per year indefinitely. If you require a return of 11.5 percent on this stock, what will you pay for a share today? Do not round intermediate calculations and round your final answer to 2 decimal places.