3) Ember Technologies stock is expected to pay the first dividend of $3.00 at the end of three years. Once the firm starts paying dividends, analysts expect the dividends to grow at a supernormal rate of 7% for the next two years, and then attain a constant growth of 4.7% forever thereafter. The firm's beta is 1.2, the risk-free rate of return is estimated to be 5.4%, and the market risk premium is 4.5%. a) What is the required rate of return on Ember stock? b) What is the value of Ember's stock today? c) What is the value of the Ember Tech. stock expected to be in 3 years, if the required rate of return on the stock remains constant