VALUATION OF A CONSTANT GROWTH STOCK

Investors require a 15% rate of return on Levine Company's stock (i.e., r_s = 15%).

1. What is its value if the previous dividend was D₀ = $3.25 and investors expect dividends to grow at a constant annual rate of (1) -6%, (2) 0%, (3) 3%, or (4) 10%? Do not round intermediate calculations. Round your answers to two decimal places.

   (1) $

   (2) $

   (3) $

   (4) $