Alexander Corp. will pay a dividend of $4.50 next year. The company has stated that it will maintain a constant growth rate of 5.25 percent a year forever.

If you want a return of 18 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 11 percent, how much will you pay for the stock?