QUESTION 21 The value of common stock will likely decrease if: O the investment horizon decreases. the growth rate of dividends increases. the discount rate increases. dividends are discounted back to the present QUESTION 22 Jefferson's recently paid an annual dividend of $6 per share. The dividend is expected to decrease by 3% each year. How much should you pay for this stock today if your required return is 14% (in $ dollars)? $ QUESTION 23 A stock is expected to return 9% in a normal economy, 13% if the economy booms, and lose 5% if the economy moves into a recessionary period. Economists predict a 55% chance of a normal economy, a 22% chance of a boom, and a 23% chance of a recession. The expected return on the stock is %. QUESTION 24 Suppose you purchased a stock a year ago. Today, you receive a dividend of $15 and you sell the stock for $125. If your return was 13%, at what price did you buy the stock