Jansen Corp. is experiencing rapid growth. Dividends are expected to grow at 10 percent per year during the next three years (t = 1, 2, 3), with the growth rate falling off to a constant 4 percent per year, thereafter. The required return is 10% per year (compounded annually) and the company just paid a $2.80 dividend.

a) What is the current price of the companys stock?

b) At what price will the companys stock sell three years from today (at t=3, just before the t=3 dividend is paid).