JFG stock is expected to pay a dividend of $$1\mathrm{.}37$ a share in one year. Thereafter, the expected annual growth rate of the dividend is $3\mathrm{.}6\%.$ Based on the Dividend Growth model, what is the most that you would be willing to pay for a share of JFG stock today if your required rate of return is $19\mathrm{.}5\%$ per annum? Answer to the nearest penny.

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Estimate the annual required rate of return for BTO stock, using the Dividend Growth Model. BTO just paid an annual dividend of $$22\mathrm{.}98$ per share, and the concensus analyst estimate is that the dividend will grow at $4\mathrm{.}6\%$ each year. The current market value of BTO stock is $$375\mathrm{.}58$ per share. Answer as a $\%$ to $2$ decimal places $($e$.$g$.,12\mathrm{.}34\%$ as $12\mathrm{.}34).$

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