Assume Gillette Corporation will pay an annual dividend of $0.65 one year from now. Analysts expect this dividend to grow at 11.5% per year thereafter until the 6th year. Thereafter, growth will level off at 2.5% per year. According to the dividend-discount model, what is the value of a share of Gillette stock if the firm's equity cost of capital is 7.2%?

CX Enterprises has the following expected dividends: $1.12 in one year, $1.18 in two years, and $1.29 in three years. After that, its dividends are expected to grow at 3.9% per year forever (so that year 4's dividend will be 3.9% more than $1.29 and so on). If CX's equity cost of capital is 12.4%, what is the current price of its stock? The price of the stock will be $nothing. (Round to the nearest cent.)

Assume Highline Company has just paid an annual dividend of $0.91. Analysts are predicting an 11.9% per year growth rate in earnings over the next five years. After then, Highline's earnings are expected to grow at the current industry average of 4.7% per year. If Highline's equity cost of capital is 8.3% per year and its dividend payout ratio remains constant, for what price does the dividend-discount model predict Highline stock should sell? The value of Highline's stock is $nothing. (Round to the nearest cent.)