need 23 minutes

Problem 3-22 (LG 3-3) A stock you are evaluating just paid an annual dividend of $2.90. Dividends have grown at a constant rate of 11 percent over the last 15 years and you expect this to continue. a. If the required rate of return on the stock is 13 percent, what is its fair present value? b. If the required rate of return on the stock is 16 percent, what should the fair value be four years from today? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Fair present value b. Expected fair value MacBook Pro