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Newell Corporation, a manufacturer of do-it-yourself hardware and housewares, reported earnings per share of $2.10 in 1993, on which it paid dividends per share of $0.69. Earnings are expected to grow 15% a year from 1994 to 1998 , during which period the dividend payout ratio is expected to remain unchanged. After 1998 , the earnings growth rate is expected to drop to a stable 6%, and the payout ratio is expected to increase to 65% of earnings. The firm has a beta of 1.40 currently, and it is expected to have a beta of 1.10 after 1998. The treasury bond rate is 6.25%. Assume a 5.5%MRP. A. What is the expected price of the stock at the end of 1998 ? B. What is the value of the stock, using the two-stage dividend discount model