A company earned $8 per share in the year that just ended. The company has no more growth opportunities. The company has a 12 percent return on equity and a 12 percent cost of equity. Do not round intermediate calculations. Round your answers to the nearest cent.

1. What is the stock worth today?

   $

2. What if the company was expected to earn $8.30 next year and then never grow again? Assuming that their return on equity and cost of equity didn't change, what would the stock be worth today?

   $