The Jackson-Timberlake Wardrobe Company just paid a dividend of $1.46 per share on its stock. The dividends are expected to grow at a constant rate of 8 percent per year indefinitely.

a. If investors require a return of 16 percent on the company's stock, what is the current price?

b. What will the price be in 18 years?

a. If investors require a return of 16 percent on the company's stock, what is the current price? b. What will the price be in 18 years