Tresnan Brothers is expected to pay a $4.00 per share dividend at the end of the year (i.e., D₁ = $4.00). The dividend is expected to grow at a constant rate of 3% a year. The required rate of return on the stock, r_s, is 18%. What is the stock's current value per share? Round your answer to two decimal places.

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Arondale Aeronautics has perpetual preferred stock outstanding with a par value of $100. The stock pays a quarterly dividend of $2.00, and its current price is $118.

1. What is its nominal annual rate of return? Do not round intermediate calculations. Round your answer to two decimal places. %
2. What is its effective annual rate of return? Do not round intermediate calculations. Round your answer to two decimal places. %

A stock is expected to pay a dividend of $0.50 at the end of the year (i.e., D₁ = $0.50), and it should continue to grow at a constant rate of 9% a year. If its required return is 15%, what is the stock's expected price 3 years from today? Do not round intermediate calculations. Round your answer to the nearest cent.

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