Problem 8-08 A company had $15 of sales per share for the year that just ended. You expect the company to grow their sales at 6.5 percent for the next five years. After that, you expect the company to grow 4.25 percent in perpetuity. The company has a 15 percent ROE and you expect that to continue forever. The company's net margins are 5 percent and the cost of equity is 11 percent. Use the free cash flow to equity model to value this stock. Do not round intermediate calculations. Round your answer to the nearest cent. $ Problem 8-09 You are valuing a bank. The bank currently has assets of $335 per share. Five years from now (that is, at the end of five years), you expect their assets per share to be $475. After Year 5, you expect their assets per share to grow at 3.25 percent per year forever. The bank has an ROA of 1.4 percent and an ROE of 12.0 percent. The bank's cost of equity is 10.5 percent. What is the value of the bank's stock? Use the free cash flow to equity model to value this stock. Do not round intermediate calculations. Round your answer to the nearest cent