Problem #20 Free Motion Enterprises paid a $2.20 per share annual dividend last week. Dividends are expected to increase by 3.75 percent annually. What is one share of this stock worth to you today if your required rate of return is 15 percent. Problem #21 Atlas Mines has adopted a policy of increasing the annual dividend on its common stock at a constant rate of 2.75 percent annually. The firm just paid an annual dividend of $1.67. What will the dividend be six years from now. Problem #22 Hightower Pharmacy just paid a $3.10 annual dividend. The company has a policy of increasing the dividend by 3.8 percent annually. You would like to purchase 100 shares of stock in this firm but realize that you will not have the funds to do so for another four years. If you require a 16 percent rate of return, how much will you be willing to pay for the 100 shares when you can afford to make this investment. Problem #23 National Warehousing just announced it is increasing its annual dividend to $1.18 next year and establishing a policy whereby the dividend will increase by 3.25 percent annually thereafter. How much will one share of this stock be worth 8 years from now if the required rate of return is 9.5 percent. Problem #24 KL Airlines paid an annual dividend of $1.42 a share last month. The company is planning on paying S1.50, $1.75, and $1.80 a share over the next three years, respectively. After that, the dividend will be constant at $2 a share per year. What is the market price of this stock if the market rate of return is 10.5 percent