Sia Dance Studios has an annual cash dividend policy that raises the dividend each year by

5%.

Last year's dividend,

Div0,

was

$4

per share. The company will be in business for

50

years with no liquidating dividend. What is the price of this stock if

a.an investor wants a return of 8%?

b.an investor wants a return of 10%?

c.an investor wants a return of 13%?

d.an investor wants a return of 15%?

e.an investor wants a return of 17%?