Use the appropriate factors from Table 6-4 or Table 6-5 to answer the following questions. (Use appropriate factor(s) from the tables provided. Round the PV factors to 4 decimals.)

Spencer Co.'s common stock is expected to have a dividend of $8 per share for each of the next 11 years, and it is estimated that the market value per share will be $143 at the end of 11 years. If an investor requires a return on investment of 10%, what is the maximum price the investor would be willing to pay for a share of Spencer Co. common stock today? (Round your intermediate calculations and final answer to 2 decimal places.)

Maximum Price:___________ answer is NOT $45.56

Mario bought a bond with a face amount of $1,000, a stated interest rate of 10%, and a maturity date 17 years in the future for $980. The bond pays interest on an annual basis. Three years have gone by and the market interest rate is now 12%. What is the market value of the bond today? (Round your intermediate calculations and final answer to 2 decimal places.)

Market Value: ____________ answer is not $658.54

Factors for Celculating the Pacer alus Dincount Rate No. of Periods 43 8% 10" 12 14% 16 0.080 09615 00434 00280 0 0001 0.8020 0.8772 0.86 0081 09246 08000 085730.8284 0.70720.7696 0.743 0042 0.8800 083960.7938 0.7513 0.7118 0.8750 0.640 0024 08648 07921 0 7360 0.6ED 06355 06321 055 5 os06 0.8210 07473 0.6808 0.6209 0567405194 0.476 0.871 0.7500 0.6851 05835 05132 04523 0.3006 0.353 0863 0.7307 0.6274 05403 0.46650.40300.36060.306 0.837 07026 05019 0sm2 04041 0306 0.3075 0.263 0820 0.8756 0.5584 04632 0.3866 O.3220 0.2607 0.226 0.2875 0.2366 0.196 0.788 08246 04970 0.3071 03186 0.2567 0.2076 0.168 3-0.773 0e006. 04688 0.3677 02 az om2 0.1821 0.146 10 0.804 0.6406 05268 0.4280 (O ut-sjpg(82483 Table 6-5 Fectors for Calculeting the Present Vaus of an Annuity of $1 Discount Rate No. of Pe riodds 2% 4% 6% 8% 10% 12% 14% 16% 0g 00615 00434 09250 1 08029 08772 0.8621 1 942 1.8861 18334 1.7833 1.7366 1.6001 1 6467 1.6052 2884 2.7751 2.8730 2.5771 2.4880 24018 23216 2 245o 3808 3.8200 3.4651 3.3121 3.1600 3.0373 2 9137 2 7082 4713 44518 4.2124 30027 3.7008 3.8048 3 433132743 5e01 52421 4.9173 4.6229 4.3663 4.1114 3.8887 36847 6472 60021 5.5824 5.2084 4.8684 4 5838 4 2883 4.0386 7.325 6.7327 62008 6.7466 5.3340 4 9676 4630 4.3436 8.162 74353 68017 62469 5.7600 53282 40464 48066 5 8083 81100 7.01 67101 6.1440-66602 52161 48382 10 9.787 87605 7.8869 71300 6461 5a377 54527 soes 10575 93851 8.3838 75361 6.8137 6.10445.8603 6.1071 11 348 00866 8.8627 70058 1034 64285 5 84245 3423 12 4235 5.8424 5 3423