20% in year 1, 3% in year2, by 5% in year 3

18. Modular Systems Inc. is expecting both earnings and dividends to grow by 20% in Year . 3% Year 2, by 5% in Year 3, and at a constant rate of 10 percent in Year 4 and theretat rhe required return on Modular is 15 percent, and it sells at its equilibrium price, P 3351W is the approximate value of its expected dividend in Year I or D? A) S0 B) $1.45 C) $1.75 D) s205 E) S2.85