1. A stock will make its first dividend payment in 6 years. The dividend payment will be $4/share at that time. They will maintain a zero growth dividend policy, forever.  R=15%. Calculate the stock price today.

2. Skolits Corp. issued 15-year bonds 2 years ago at a coupon rate of 8.8 percent. The bonds make semiannual payments. If these bonds currently sell for 109 percent of par value, what is the YTM? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

3. A stock will pay $3/share in year 1, $6/share in year 2, $9/share in year 3.  Afterwards, they will change their dividend policy to constant growth at 2%/year, forever.  R=13%.  What is the stock price?