13. Agarwal Technologies was founded 10 years ago. It has been profitable for the last 5 years, but it has needed all of its earnings to support growth and thus has never paid a dividend. Management has indicated that it plans to pay a $0.25 dividend 3 years from today, then to increase it at a relatively rapid rate for 2 years, and then to increase it at a constant rate of 8% thereafter. Management's forecast of the future dividend stream, along with the forecasted growth rates, is shown below. Assuming a required return of 10.00%, what is your estimate of the stock's current value? (10) Year Growth rate Dividends Paid NA $0.000 1 NA $0.00 2 NA $0.000 345 NA 50.00% 25.00% $0.250 $0.375 $0.469