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* 1. Say a stock pays a constant dividend of $20 per share, and the discount rate is 10%, then the stock's value is:

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* 2. Say a stock's next dividend is $5, and it will grow at a constant 8%. If the discount rate is 4%, the stock's price is:

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* 3. If we assume a stock's dividend grows at a constant rate, this implies the stock's price also increases at a constant rate.

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