Given the following data, what should the price of the stock be? Round your answer to the nearest cent.
Required return 12% Present dividend $4 Growth rate 7%
If the growth rate increases to 8 percent and the dividend remains $4, what should the stock's price be? Round your answer to the nearest cent.
If the required return declines to 11 percent and the dividend remains $4, what should the price of the stock be? Assume that the growth rate equals 7%. Round your answer to the nearest cent.