P7-9 (similar to) Question Help Common stock valueConstant growth McCracken Roofing, Inc., common stock paid a dividend of $1.23 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 $24? b. If McCracken expects both earnings and dividends to grow at an annual rate of 11%, what required rate of return would result in a price per share of $24? a. The required rate of return for this stock, in order to result in a price per share of $24, is %. (Round to two decimal places.)