Tian Semiconductors has a required rate of return of 11%, the marginal investor expects its next dividend to be $1.00, its expected growth rate is a constant 5.0%, and the stock's current market price is $20 per share. What is Tian's equilibrium price?

		$15.84
		$16.67
		$17.50
		$18.38
		$19.30

Investors expect Bae Corporation to pay a dividend of D1 = $1.50 and to grow at a constant rate of 7% per year. The stock sells at a price of $25. What is Bae's dividend yield?

		4.0%
		5.0%
		6.0%
		7.0%
		8.0%