1. BlackStone's stock has just paid its annual dividend $1.10 per share. Analysts believe that the stock will maintain its historic dividend growth rate of 3%. Suppose the required return is 9%. What is the expected price of the stock next year? (Hints: the Dividend payment (D) of the next period is equal to the current dividend payment multiplied by (1+ the dividend growth rate). Use the Gordon Growth Model of the lesson slides to solve this question.) Refer to the lesson practice questions 4.