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The Jackson-Timberlake Wardrobe Co. just paid a dividend of $1.56 per share on its stock. The dividends are expected to grow at a constant rate

The Jackson-Timberlake Wardrobe Co. just paid a dividend of $1.56 per share on its stock. The dividends are expected to grow at a constant rate of 4 percent per year indefinitely.
Required:
(a)

If investors require a 10 percent return on The Jackson-Timberlake Wardrobe Co. stock, what is the current price?
(b) What will the price be in 6 years?

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