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Paychex Inc. (PAYX) recently paid an $0.72 dividend. The dividend is expected to grow at a 10 percent rate. The current stock price is $42.51.

Paychex Inc. (PAYX) recently paid an $0.72 dividend. The dividend is expected to grow at a 10 percent rate. The current stock price is $42.51. What is the return shareholders are expecting? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) New York Times Co. (NYT) recently earned a profit of $2.41 per share and has a P/E ratio of 19.80. The dividend has been growing at an 8.75 percent rate over the past six years. If this growth rate continues, what would be the stock price in four years if the P/E ratio remained unchanged? What would the price be if the P/E ratio increased to 24 in four years? (Round your answers to 2 decimal places.)

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