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Common stock valueConstant growth McCracken Roofing, Inc., common stock paid a dividend of $1.16 per share last year. The company expects earnings and dividends to grow at a rate of 8% per year for the foreseeable future. a. What required rate of return for this stock would result in a price per share of $22? b. If McCracken expects both earnings and dividends to grow at an annual rate of 11%, what required rate of retum would result in a price per share of $22? a. The required rate of return for this stock, in order to result in a price per share of $22, is DO/o. (Round to two decimal places.) b. The required rate of retum for this stock, in order to result in a price per share of $22, is (Round to two decimal places.)