Youve collected the following information from your favorite financial Web site.

Requirement 1:

Using the dividend yield, calculate the closing price for Tootsie Roll on this day.

The answer to requirement 2 is correct, I need help with requirement 1

You've collected the following information from your favorite financial Web site 52-Week Price PE Ratio Hi 77.40 55.81 130.93 50.24 35.00 Lo 10.43 33.42 69.50 13.95 20.74 Stock (Div) ArchCoal 0.36 LacledeGrp 1.54 BM 2.00 JCPenney 0.80 TootsieRoll 0.32 Div YId % 2.5 3.7 2.3 5.2 1.5 Close Price 13.90 40.43 88.97 Net Chg -0.24 -0.01 3.07 10 10 15.43 0.26 28 0.18 Requirement 1: Using the dividend yield, calculate the closing price for Tootsie Roll on this day. (Do not include the dollar sign (S). Round your answer to 2 decimal places (e.g., 32.16).) Stock price 30.67 Requirement 2: The actual closing 2009 price for Tootsie Roll was $21.02. The Value Line Investment Survey projects a 4 percent dividend growth rate for Tootsie Roll. What is the required return for the stock using the dividend discount model and the actual stock price? (Do not include the percent sign (%). Round your answer to 2 decimal places (e.g., 32.16).) Required return 5.58 %