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?

Current stock price $

Requirement 2: If you want a return of 12 percent, how much will you pay for the stock?

Current stock price $