3. Marcel Co. dividends are expected to grow at 10% for the next 3 years. The growth rate will decline to a constant 6% thereafter. If the required return is 13%, and the company just paid a $1.80 dividend, what is the current price? Case 3 Differential Growth Template Hi-Growth Low-Growth Required Return Time 0 Time 1 Time 2 Time 3 Time 4 Dividend Price Year 3 Future Cash Flows Current Price