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The Jackson-Timberlake Wardrobe Co. just paid a dividend of $1.58 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 $1.58 per share on its stock. The dividends are expected to grow at a constant rate of 6 percent per year indefinitely. Required: (a) If investors require a 12 percent return on The Jackson-Timberlake Wardrobe Co. stock, what is the current price? (b)What will the price be in 8 years?

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