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1). Zoom Enterprises expects that one year from now it will pay a total dividend of $5.1 million and repurchase $5.1 million worth of shares. It plans to spend $10.2 million on dividends and repurchases every year after that forever, although it may not always be an even split between dividends and repurchases. If Zoom's cost of equity capital is 13.9% and it has 4.5 million shares outstanding, what is its share price today? 

2). Allied Services is now at the end of the final year of a project. The equipment originally cost $45,000, of which 75% has been depreciated. The firm can sell the used equipment today for $12,000, and its tax rate is 40%. What is the equipment's after-tax salvage value for use in a capital budgeting analysis? (Note that if the equipment's final market value is less than its book value, the firm will receive a tax credit as a result of the sale.)