6. Elliott Enterprises stock has a required return of 15.40%. The company, which plans to pay a dividend of $3.20 per share in 2019, anticipates that its future dividends will increase at an annual rate consistent with that experienced over the 2012-2018 period, when the following dividends were paid:

Year	Div per Shr
2012	$2.15
2013	$2.20
2014	$2.20
2015	$2.33
2016	$2.44
2017	$2.60
2018	$2.80

1. If the risk-free rate is 5%, what is the risk premium on Elliotts stock?
2. Using the constant-growth model, estimate the value of Elliotts stock.