ACME Manufacturing has the following expected future dividends to be paid at the end of the given years: Year 2020 2021 2022 2023 Dividend 3.00 3.25 3.50 3.75 2024... Grow at 4% per year (a) If ACME Manufacturing's expected return on equity is 9%, calculate the expected price of their stock at the beginning of 2020. [6] (b) If ACME Manufacturing's actual share price is $103.00, then what would you conclude about the actual implied future dividend growth rate? Be quantitatively specific in your answer. [8]