Forever 21 is expected to pay an annual dividend of $2.4 per share in one year, which is then expected to grow by 7% per year. The required rate of return is 14%.

1. What is the current stock price?

2. What is the current stock price if the annual dividend of $2.4 has just been paid? (i.e. paid yesterday or earlier today)

3. What is the current stock price if the annual dividend of $2.4 his about to be paid? (i.e. paid tomorrow or later today)

I am unsure of number 3. I know number 1 is = 2.4/(0.14-0.07) = 34.28 and that number 2 is = (2.4*(1+(0.07)))/(0.14-0.07) = 36.68. Also, I know that number 3 is NOT the same answer as number 1.