Problem $7-12$ Stock Valuation $[$LO $1]$

Cape Corp. will pay a dividend of $$3\mathrm{.}70$ next year. The company has stated that it will maintain a constant growth rate of $5\mathrm{.}25$ percent a year forever.

a$.$ If you want a return of $18$ percent, how much will you pay for the stock? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

b$.$ If you want a return of $11$ percent, how much will you pay for the stock? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

$\backslash$table$[[,],[$a$.,$Stock price$],[$b$.,$Stock price$]]$