P8-17 Nonconstant Dividends [LO1] Lohn Corporation is expected to pay the following dividends over the next four years: $14,$11,$8, and $3. Afterward, the company pledges to maintain a constant 4 percent growth rate in dividends forever. If the required return on the stock is 13 percent, what is the current share price? Multiple Choice $47.17 $51.14 $48.31 $49.65 $57.20 P8-18 Supernormal Growth [LO1] Synovec Company is growing quickly. Dividends are expected to grow at a rate of 20 percent for the next 3 years, with the growth rate falling off to a constant 5 percent thereafter. If the required return is 12 percent and the company just paid a $1.20 dividend. what is the current share price? (Note: since the dividend at time 0 of $2.70 has just been paid, do not include it in the price at time 0.) Multiple Cholce $26.28 $23.91 $26.80 $24.80 $25.75