12. Dividend Discount Model. Integrated Potato Chips just paid a $1 per share dividend. You expect the dividend to grow steadily at a rate of 4% per year. (LO7-2) a. What is the expected dividend in each of the next 3 years? b. If the discount rate for the stock is 12%, at what price will the stock sell? c. What is the expected stock price 3 years from now? d. If you buy the stock and plan to sell it 3 years from now, what are your expected cash flows in (i) year 1; (ii) year 2; (iii) year 3? e. What is the present value of the stream of payments you found in part (d)? Compare your answer to part (b).

the first american roller coaster was the mauch chunk switchback railway, built in the mountains of pennsylvania in the mid-1800s. the track, originally built to send coal to a railway, was reconfigured as a "scenic tour."

-first use of geothermal energy occurred more than 10,000 years ago in north america by american paleo-indians

-the first industrial use of geothermal energy began near pisa, italy in late 18th century

-in 1904, italian scientist piero ginori conti invented the first geothermal electric power plant in which steam was used to generate the power

-with the above experiment, the first geothermal plant in usa started in 1922 with a capacity of 250 kilowatts

-however, in 1946 first ground-source geothermal heat pump installed at commonwealth building in portland, oregon

-during the 1960’s, pacific gas and electric began operation of first large scale geothermal power plant in san francisco, producing 11 megawatts

-in 1973, when oil crisis began many countries began looking for renewable energy sources and by 1980’s geothermal heat pumps (ghp) started gaining popularity in order to reduce heating and cooling costs

-as effect of climate change started showing results, governments of various countries joined hands to fight against it, for which kyoto protocol was signed in japan in 1997, laid out emission targets for rich countries and required that they transfer funds and technology to developing countries, 184 countries have ratified it

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