Bears Outdoor Wilderness Outfitters currently pays a $4.50 common stock dividend. Jennifer is considering an investment in Bears Outdoor Wilderness Outfitters and plans to hold the stock for four years at which time she expects to sell the stock for $70.00. She expects the dividend to increase to $5 one year from now and then grow at an 8% rate for the next five years what is the current value of Bears Outdoor Wilderness Outfitters common stock to Jennifer if she requires a 15% return rate of return?

Elaine's Vegetable Market currently plays a $1.50 common stock dividend. Robert is considering an investment in Elaine's Vegetable Market and plans to hold the stock for three years at which time he expects to sell the stock for $50.00. Robert expects the dividend to increase to $2.00 one year from now $2.75 in two years $3.75 in three years. What is the current value of Elaine's Vegetable Market common stock to Robert if he requires a 12% rate of return?