Yummy Bakery just paid an annual dividend of $2.65 a share and is expected to increase that amount by 4.9 percent per year. If you are planning to buy 1,000 shares of this stock next year, how much should you expect to pay per share if the market rate of return for this type of security is 11 percent at the time of your purchase? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Currently, a firm has an EPS of $2.77 and a benchmark PE of 23.42. Earnings are expected to grow by 3.8 percent annually. What is the estimated current stock price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)