not sure if the first part is right but definitely need step by step working for the second part. Thanks.

5. Suppose a company currently pays an annual dividend of $2.80 on its common stock in a single annual installment, and management plans on raising this dividend by 6% per year indefinitely.If the required return on is 12%, what is the current share price? Po=D (1+g)/(R-g)= =$2.80 (1+0.06)/(0.12-0.06) -$2.80 x 1.06/0.06 = $ 49.46 Now suppose the company actually pays its annual dividend in equal quarterly installments: thus, the company has just paid a dividend of $.70 per share, as it has for the previous three quarters. What is your value for the current share price now? (Hint: Find the equivalent annual end-of-year dividend for each year.) Do you think this model for stock valuation is appropriate