The Hobbes Family Inn currently pays a $1 common stock dividend. Dividends have been recently growing at a 10% annual rate and are expected to continue growing at this rate for the next three years. Thereafter the growth rate is expected to be 5% for the foreseeable future. What is the current value of Hobbes Family Inn common stock to an investor requiring a 13% return?

Katie's Bakery currently pays a $5.00 common stock dividend. Dividend have been recently growing at 12% annual rate and are expected to continue growing at this rate in the next four years. Thereafter the growth rate is expected to be 6% for the foreseeable future. What is the current value of Katie's Bakery common stock to an investor requiring a 15% rate of return?

Winners Casino currently pays a $2.20 common stock dividend. Dividends have been recently growing at 3% annual rate and are expected to continue to grow at this rate for the next two years. Thereafter, the growth rate is expected to be 0% for the foreseeable future what is the current value of Winners Casino common stock to an investor requiring a 17% rate of return?