Achi Corp. has preferred stock with an annual dividend of $2.81. If the required return on Achi's preferred stock is 8.5%, what is its price? (Hint: For a preferred stock, the dividend growth rate is zero.) Achi's stock price will be $nothing. (Round to the nearest cent.)

NoGrowth Corporation currently pays a dividend of $0.52 per quarter, and it will continue to pay this dividend forever. What is the price per share of NoGrowth stock if the firm's equity cost of capital is 18.3%?

Summit Systems will pay a dividend of $1.64 this year. If you expect Summit's dividend to grow by 5.1% per year, what is its price per share if the firm's equity cost of capital is 10.3%? The price per share is $nothing. (Round to the nearest cent.)