1. A Canadian wireless communications company earned $3.44 per share in 2018 and paid dividends of $1.64 per share. Analysts forecast an annual earnings growth rate of 6.4% for the next 5 years. Based on similar-risk companies, the estimated required rate of return on the stock is 9.5%. It is assumed that after 2023 onward, the company will maintain its current reinvestment rate but earn only its cost of capital on new investments. Estimate the current stock price at the beginning of 2019. (Do not round intermediate calculations. Round your answer to the nearest cent.)

2. Earnings per common share of ABC Industries for the next year are expected to be $2.05 and to grow 9.5% per year over the next 4 years. At the end of the 5 years, earnings growth rate is expected to fall to 5.25% and continue at that rate for the foreseeable future. ABCs dividend payout ratio is 35%. If the expected return on ABC's common shares is 20.5%, calculate the current share price. (Round your answer to the nearest cent.)

3. City Garden Suppliers paid a $1 dividend yesterday. It is expected that the dividend will grow at 11 percent per year for 5 years, 7 percent per year for 8 years, and then at 4.25 percent per year thereafter. If the investors' expected rate of return is 13.5 percent, what is the stock worth today? Hint: Use the present value formula for a growing annuity: C1rg[1(1+g1+r)T]C1rg[1(1+g1+r)T] . (Do not round intermediate calculations. Round your answer to 2 decimal places.)