The Jackson$-$Timberlake Wardrobe Company just paid a dividend of $$1\mathrm{.}56$ per share on

its stock. The dividends are expected to grow at a constant rate of $5$ percent per year

indefinitely.

a$.$ If investors require a return of $12$ percent on the company's stock, what is the current

price?

Current price

b$.$ What will the price be in $15$ years?

Stock price in $15$ years