please solve these two problems without using excel and show all steps.

Question No.17 The common stock of Acme Corporation pays semi-annual dividends on April 1 and October 1. As of January 1, the next dividend is estimated to be 1.50 per share. The company's dividend payout is expected to increase by 4% each April 1. (The October 1 dividend each car will be equal to the amount paid the prior April 1.) Based on the dividend growth model of stock valuation, and using a valuation interest rate of 12% (an annual effective rate), what is a fair price per share for Acme stock as of January 1? (Assume 30- day months) A. 37.50 B. 38.59 C. 38.73 D. 39.70 E. 40.84 Question No.18 Julia takes out a 25-year mortgage for 315,000 at a nominal interest rate of 6.5% convertible monthly. She will make monthly payments, with her first payment due one month after she receives the loan. If Julia adds 125 to each monthly payment to pay off the loan sooner, what is the dollar amount of her last payment? A. 918 B. 923 C. 936 D. 1,254 E. 2,252