Suppose Acap Corporation will pay a dividend of $ 2.80 per share at the end of this year and $ 3.00 per share next year. You expect Acap's stock price to be $ 52.00 in two years. Assume that Acap's equity cost of capital is 10.0 %.

What price would you be willing to pay for a share of Acap stock today, if you planned to hold the stock for two years?

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The following pertains to smoke, inc.’s investment in debt securities: on december 31, year 3, smoke reclassified a security acquired during the year for $70,000. it had a $50,000 fair value when it was reclassified from trading to available-for-sale. an available-for-sale security costing $75,000, written down to $30,000 in year 2 because of an other-than-temporary impairment of fair value, had a $60,000 fair value on december 31, year 3. what is the net effect of the above items on smoke’s net income for the year ended december 31, year 3?