Problem $7-22$ Constant$-$Growth Model $($LO$2)$

Fincorp will pay a year$-$end dividend of $$2\mathrm{.}40$ per share, which is expected to grow at a $4\%$ rate for the indefinite future. The discount rate is $12\%.$

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a$.$ What is the stock selling for? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

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b$.$ If earnings are $$3\mathrm{.}10$ a share, what is the implied value of the firm$$s growth opportunities? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

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