The aznac corporation plans to be in business for next 30 years. They announced that they will pay a divided of $3 per share at the end of 1 year a) and continue increasing the annual dividend by 4% per year until they liquidate the company at the end of 30 years. If you want to earn a rate of return of 12% by investing in their stock, how much should you pay for the stock?

b) If the company announced that they will coutinue increasing the dividend by 4% per year forever, how much more you would be willing to pay for its stock, assuming your required rate of return is still 12% ?