1. Adams Food Service has issued 9^1/2 percent bonds that mature on July 15, Year 31. The bonds are callable at $1,031.02 on July 15, Year 5. Assume that interest is paid and compounded annually. Determine the yield-to-maturity if an investor purchased a $1,000 denomination bond for $900 on July 15, Year 1. Round your answer to two decimal places.

2. A stock is expected to pay a dividend of $1.1 one year from now, $1.6 two years from now, and $2.3 three years from now. The growth rate in dividends after that point is expected to be 8% annually. The required return on the stock is 13%. The estimated price per share of the stock six years from now should be $_________.