2. XYZ Inc. is expected to pay no dividends for the next 3 years. However, at the end of the fourth year (at time 4), the company is expected to pay a dividend of $1/ share. Dividends are expected to grow at 10% per year for the following 6 years (through the end of the 10th year, i.e., time 10 ), then to grow at 5% every year thereafter (forever). Assume the appropriate discount rate (required return) is 10%. a. What is the expected value of the stock at time 10 ? b. What is the expected value of the stock at time 4 ? c. What is the value of the stock today