Holtzman Clothiers's stock currently sells for $37 a share. It just paid a dividend of $2.5 a share (i.e., D₀ = $2.5). The dividend is expected to grow at a constant rate of 8% a year.

1. What stock price is expected 1 year from now? Round your answer to two decimal places. $
2. What is the required rate of return? Round your answer to two decimal places. Do not round your intermediate calculations.

Investors require a 15% rate of return on Levine Company's stock (i.e., r_s = 15%).

1. What is its value if the previous dividend was D₀ = $3.25 and investors expect dividends to grow at a constant annual rate of (1) -6%, (2) 0%, (3) 3%, or (4) 10%? Do not round intermediate calculations. Round your answers to two decimal places.

   (1) $

   (2) $

   (3) $

   (4) $