Pike and Unas Aquicultural Farmers paid a dividend of $5 (Do) last year. It expects its dividends of $6 (D1), $7, $8 and $9 for the next 4 years respectively. a. Assuming a required rate of return of 12%, calculate the present value of each of these four dividends and sum them together. b. Pike and Unas expects its dividend to grow at a constant rate of 3% after it pays the $9 after the fourth year, calculate the value of its dividend in year 5.

c. Calculate the price of Pike and Unas stock at the end of year 4 (hint: use D5)

d. What is the present value of Pike and Unas stock at the end of year 4 (take the PV of your answer in letter c).

e. What is the price of Unas stock today (add together letters a and d)?