Manny Delgado's company is now listed on the Nasdaq.The stock has a current price of $65 per share (assume this is the "true" value).The company just paid outa dividend of $4 per share yesterday.The dividends are expected to grow at a permanent growth rate of 4% per year.Calculate the following:(1) the annual required rate of return of this stock, and (2) the expected stock price one year from today.

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