Steady As She Goes, Inc., will pay a year-end dividend of $4.45 per share. Investors expect the dividend to grow at a rate of 6.24% indefinitely.

a.	If the stock currently sells for $106.97 per share, what is the expected rate of return on the stock? (Do not round intermediate calculations.)

Expected rate of return

%

b.	If the expected rate of return on the stock is 17.48%, what is the stock price? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Stock price

$