Horse and Buggy Incorporated is in a declining industry. Sales, earnings, and dividends are all shrinking at a rate of 5% per year.

If r = 15% and DIV1=$4DIV1=$4 , what is the value of a share?

Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

What price do you forecast for the stock next year?

Note: Do not round intermediate calculations. Round your answer to 2 decimal places.

What is the expected rate of return on the stock?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.