Please dont reply with the wrong answer. being charged for an incorrect answer is very frustrating for an already broke student.

value: 8.00 points Most corporations pay quarterly dividends on their common stock rather than annual dividends. Barring any unusual circumstances during the year, the board raises, lowers, or maintains the current dividend once a year and then pays this dividend out in equal quarterly installments to its shareholders Required: (a) Suppose a company currently pays an annual dividend of $3.40 on its common stock in a single annual installment, and management plans on raising this dividend by 6.75 percent per year indefinitely. If the required return on this stock is 10 percent, what is the current share price? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Current share price 111.68 (b) Now suppose the company in (a) actually pays its annual dividend in equal quarterly installments, thus, the company has just paid a dividend of $.85 per share, as it has for the previous three quarters. What is your value for the current share price now? (Hint: Find the equivalent annual end-of-year dividend for each year.) (Do not round intermediate calculations. Round your answer to 2 decimal places e.g., 32.16).) Current share price References eBook & Resources Worksheet Difficulty: Challenge Learning Objective: 07-01 Assess how stock prices depend on future dividends and dividend growth Check my work