Kelsey? Drums, Inc., is a well-established supplier of fine percussion instruments to orchestras all over the United States. The company's class A common stock has paid a dividend of $11 per share per year for the last 20 years. Management expects to continue to pay at that amount for the foreseeable future. Sally Talbot purchased 100 shares of Kelsey class A common 7 years ago at a time when the required rate of return for the stock was 12%. She wants to sell her shares today. The current required rate of return for the stock is 9%. How much total capital gain or loss will Sally have on her shares?

a) The value of the stock when Sally purchased it was $________ per share. (Round to the nearest cent.)

b) The value of the stock if Sally sells her shares today is $_________ per share.? (Round to the nearest cent.)

c) The total capital gain (or loss) Sally will have on her shares is $_________(Round to the nearest dollar. Enter a positive number for a capital gain and a negative number for a loss.)