Cookies and More will produce an operating cash flow of 45,000 this year. Their operating cash flow is expected to grow by 5.00 %, and the discount rate is 11.75%. What will the present value of their future operating cash flows be?

Chase paid out $40,000 in dividends, and its stock value is valued at $450,000. What rate of return is Chase offering if dividends are expected to grow by 2.80% in the future?