Holtzman Clothiers's stock currently sells for $23.00 a share. It just paid a dividend of $2.00 a share (i.e., D₀ = $2.00). The dividend is expected to grow at a constant rate of 3% a year.

What stock price is expected 1 year from now? Round your answer to the nearest cent. $

What is the required rate of return? Do not round intermediate calculations. Round your answer to two decimal places. %

Farley Inc. has perpetual preferred stock outstanding that sells for $46 a share and pays a dividend of $3.25 at the end of each year. What is the required rate of return? Round your answer to two decimal places.