Battles, Inc. just paid an annual dividend of $1.20 a share. The dividend will not change next year and then increase by 4 percent annually thereafter.
1. What is the present value of this stock at a discount rate of 9 percent?

The basic difference between macroeconomics and microeconomics is that: a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.