Alexander Corp. will pay a dividend of $3.80 next year. The company has stated that it will maintain a constant growth rate of 4.5 percent a year forever.

Requirement 1:

If you want a return of 15 percent, how much will you pay for the stock? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Current stock price	$

Requirement 2:

If you want a return of 12 percent, how much will you pay for the stock? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)

Current stock price	$