Galloway, Inc. has an odd dividend policy. The company has just paid a dividend of $7 per share and has announced that it will increase the dividend by $2 per share for each of the next 5 years and then never pay another dividend. How much are you willing to pay per share today to buy this stock if you are required a 13 percent return?

Atlas Home Supply has paid a constant annual dividend of 1.9 a share for the past 15 years. Yesterday, the firm announced the dividend will increase next year by 8 percent and will stay at that level through year 3 (with no growth), after which time the dividends will increase by 7 percent annually. The required return on this stock is 13 percent. what us the current value per share?