EX7. 2. Express Surgery Center's (ESC) preferred stock, which has a par value equal to $150 per share, pays an annual dividend equal to 11 percent of the par value. If investors require a 14 percent return to purchase ESC's preferred stock, what is the stock's market value? Do not round intermediate calculations. Round your answer to the nearest cent.

$ _____________

3. Suppose your company is expected to grow at a constant rate of 8 percent long into the future. In addition, its dividend yield is expected to be 10 percent. If your company expects to pay a dividend equal to $1.1 per share at the end of the year, what is the value of your firm's stock? Round your answer to the nearest cent.

$ _____________