A common stock is expected to pay no dividends during the next 7 quarters but at the end of 6th quarter, it is expected to pay DPS of $1.0 and thereafter dividends are expected to be paid quarterly and into indefinite future. The quarterly growth rate of dividends stream is 1.0% and it is expected to stay the same into indefinite future. The required expected rate of return on the common stock is 12% per annum.

Find:

(i)The current price per share of the stock.

(ii)The expected price per share at the beginning of the 8th quarter.