Nonconstant Dividend Growth Valuation A company currently pays a dividend of $1.8 per share (DO = $1.8). It is estimated that the company's dividend will grow at a rate of 22% per year for the next 2 years, and then at a constant rate of 7% thereafter. The company's stock has a beta of 1.1, the risk- free rate is 9%, and the market risk premium is 5.5%. What is your estimate of the stock's current price? Do not round intermediate calculations. Round your answer to the nearest cent. Constant Dividend Growth Valuation Woidtke Manufacturing's stock currently sells for $21 a share. The stock just paid a dividend of $1.80 a share (i.e., DO = $1.80), and the dividend is expected to grow forever at a constant rate of 9% a year. What stock price is expected 1 year from now? Do not round intermediate calculations. Round your answer to the nearest cent. What is the estimated required rate of return on Woidtke's stock (assume the market is in equilibrium with the required return equal to the expected return)? Do not round intermediate calculations. Round the answer to two decimal places. %