The current dividend yield on CJ's common stock is 1.72 percent. The company just paid an annual dividend of $1.56 and announced plans to pay $1.70 next year. The dividend growth rate is expected to remain constant at the current level. What is the required rate of return on this stock? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Over the next three years, Distant Groves will pay annual dividends of $1.65, $.172, and $1.80 a share, respectively. After that, dividends are projected to increase by 3.2 percent per year. What is one share of this stock worth today at a required return of 14 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)