Here are forecasts for next year for two stocks:

	Stock A			Stock B
Return on equity		16	%		13	%
Earnings per share	$	2.00		$	1.50
Dividends per share	$	1.00		$	1.00

a. What are the dividend payout ratios for each firm? (Do not round intermediate calculations. Enter your answers as a percent rounded to the nearest whole number.)

b. What are the expected dividend growth rates for each stock? Assume dividend has a steady growth for both stocks. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)

c. If investors require a return of 16% on each stock, what are their values? (Do not round intermediate calculations. Round final answers to 2 decimal places.)