Answer both pleass.

8. Given the following information, what is the payback period? a. less than 2 years b. 2 years c. longer than 2 years d. cannot be determined 9. A company's recent dividend was $1 per share. The company expects that the dividends will grow at 10% for the next three years. After that the dividends will increase at 5% forever. Its stock beta is 1.0. Currently, the expected market return is 12%, and the risk-free rate is 7%. What is the present value of the common stock? a. $15.19 b. $17.09 c. $19.61 d. $23.15