Common stock valueVariable growth Personal Finance Problem Home Place Hotels, Inc., is entering into a 3-year remodeling and expansion project. The construction will have a limiting effect on earnings during that time, but when it is complete, it should allow the company to enjoy much improved growth in earnings and dividends. Last year, the company paid a dividend of $4.90. It expects zero growth in the next year. In years 2 and 3, 4% growth is expected, and in year 4, 18% growth. In year 5 and thereafter, growth should be a constant 12% per year. What is the maximum price per share that an investor who requires a return of 16% should pay for Home Place Hotels common stock? The maximum price per share that an investor who requires a return of 16% should pay for Home Place Hotels common stock is $((Round to the nearest cent.) Common stock valueVariable growth Lawrence Industries' most recent annual dividend was $1.35 per share (D = $1.35), and the firm's required return is 16%. Find the market value of Lawrence's shares when dividends are expected to grow at 15% annually for 3 years, followed by a 6% constant annual growth rate in years 4 to infinity. The market value of Lawrence's shares is $ (Round to the nearest cent.)