The Baron Basketball Company $($BBC$)$ earned $$11$ a share last year and paid a dividend of $$5$ a share. Next year, you expect BBC to earn $$12$ and continue its payout ratio. Assume that you expect to sell the stock for $$125$ a year from now. Do not round intermediate calculations. Round your answers to the nearest cent.

If you require $11$ percent on this stock, how much would you be willing to pay for it$?$

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If you expect a selling price of $$111$ and require a $7$ percent return on this investment, how much would you pay for the BBC stock?

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