2. Problem 9.04 (Nonconstant Growth Valuation) Holt Enterprises recently paid a dividend, Do, of $3.00. It expects to have nonconstant growth of 16% for 2 years followed by a constant rate of 6% thereafter, The firm's required return is 11% a. How far away is the horizon date? 1. The terminal, or horizon, date is Yesr 0 since the value of a common stock is the present value of all future expected dividends at time rero. 11. The terminal, of borizon, date is the date when the growth rate becomes nonconstant. This occurs at time zero. III. The terminat, or horizon, date is the date when the growth rate becomes constant, This occurs at the beginning of Year 2 . IV. The terminal, of horizon, date is the date when the growth rate becomes constant. This occurs at the end of rear 2. V. The terminal, or horizoh, date is infinity since common stocks do not have a maturity date. b. What is the firm's heriason, or continuing, value? Do not round intermediate calculations. Round your answer to the nearest cent. c What is the firm's intrinaic value today, ? Do not round intermedate calculations, found your answer to the newest cent