The Johnson Company has just paid a dividend of $8.00 per share (i.e. D0 = $8.00) on its common stock, and it expects this dividend to grow by 13 percent per year, indefinitely. The required rate of return on the Jackson Company stock is 16%. How much should an investor be willing to pay for this stock today?

A firm is evaluating a project with an initial cost of $ 818,256 and annual cash inflows of $ 278,079 per year (first cash flow to be received exactly one year from today) for each of the next 5 years. If the cost of capital for this project is 8 %, what is this project's NPV?