Business valuation

Hello, need some help with the following questions

1. which of the following asset valuation will deliver the highest return on asset assuming an increase in price levels?
A. Net book value
B. Gross book value
C. Replacement cost
D. Net realizable value

the answer given is A. i am confused on why the answer isnt C because based on my understanding, the replacement value is the cost of setting up an equivalent venture, so, if the price lvls increase the cost of setting up will increase. How is my understanding flawed?

2. Shine wants to buy shares of Perry co in two years. Shine uses the dividend valuation model with an assumed dividend growth of 5%.

if Shine’s discount rate is 10% and Perry’s current dividend is $20, what is the approximate price shine will pay?
A. 400
B. 420
C. 441
D. 463

The answer is D. the answer i managed to get was C.

my calculation:
Po= [20 (1.05)^2 ]/ (10%-5%)

answer:
Po= [20 (1.05)^3]/ (10%-5%)

the question stated that you will be buying the shares in 2 yrs so why is it 1.05^3 instead of 1.05^2?