Answer the following questions. Table 6-4 or Table 6-5. (Use appropriate factor(s) from the tables provided. Round the PV factors to 4 decimals.) Required:

1. Spencer Co.'s common stock is expected to have a dividend of $8 per share for each of the next 11 years, and it is estimated that the market value per share will be $121 at the end of 11 years. If an investor requires a return on investment of 8%, what is the maximum price the investor would be willing to pay for a share of Spencer Co. common stock today?
2. Mario bought a bond with a face amount of $1,000, a stated interest rate of 10%, and a maturity date 10 years in the future for $983. The bond pays interest on an annual basis. Three years have gone by and the market interest rate is now 8%. What is the market value of the bond today?
3. Alexis purchased a U.S. Series EE savings bond for $350, and six years later received $496.45 when the bond was redeemed. What average annual return on investment did Alexis earn over the six years?