Problem $7-1$ Stock Values $[$LO $1]$

The RLX Company just paid a dividend of $$2\mathrm{.}70$ per share on its stock. The dividends are expected to grow at a constant rate of $4\mathrm{.}5$

percent per year, indefinitely. Assume investors require a return of $9$ percent on this stock.

a$.$ What is the current price?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

b$.$ What will the price be in six years and in thirteen years?

Note: Do not round intermediate calculations and round your answers to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$