1. UNH Fury Inc. Holdings is expected to pay dividends of $2.19 every six months (first payment in 6 months) for the next three years. Assume semi-annual compounding. The current stock price is $22, and the equity cost of capital is 18%. Using the above information, what price would you expect UNH Furys stock to sell for in three years?
3. JRN Enterprises just announced that it plans to cut its next dividend (received one year from now) from $3.2 to $2.4 per share and use the extra funds to expand its operations. Prior to this announcement, JRN's dividends were expected to grow indefinitely at 4% per year and JRN's stock was trading at $25.50 per share. With the new expansion, JRN's dividends in a year are expected to be $2.4 per share and then grow at 6.89% per year indefinitely. Assuming that JRN's risk is unchanged by the expansion, the value of a share of JRN after the announcement is closest to ________.

Round your final answer to the nearest cent.

1. Orange Co. expects the following dividends: $1 in one year, $1.15 in two years, $1.25 in three years, and $2.22 in four years. After that, its dividends are expected to grow at 6% per year forever (so that year 5s dividend will 6% more than $2.22 and so on). If Orange Cos equity cost of capital is 8%, what is the current price of stock? Round to the nearest cent.