CX Enterprises has the following expected dividends: 1.05 in one year, 1.23 in two years, and 1.29 in three years. After that, its dividends are expected to grow at 3.6% per year forever (so that year four's dividend will be $1.29 more than 3.6% and so on). If CX's equity cost of capital is 11.8% , what is the current price of its stock?

Suppose that General Motors Acceptance Corporation issued a bond with 10 years until maturity, a face value of $1000, and a coupon rate of 7.9% (annual payments). The yield to maturity on this bond when it was issued was 6.2% . What was the price of this bond when it was issued?