1. a. Marcel Co. is growing quickly. Dividends are expected to grow at a rate of 0.14 for the next 4 years, with the growth rate falling off to a constant 0.05 thereafter. If the required return is 0.12 and the company just paid a $1.15 dividend, what is the current share price? Answer with 2 decimals (e.g. 45.45).

b. Apocalyptica Corp. pays a constant $6.02 dividend on its stock. The company will maintain this dividend for the next 8 years and will then cease paying dividends forever. If the required return on this stock is 8 percent, what is the current share price? Answer with 2 decimals (e.g. 45.45).