3. Martell mining company ore reserves are being depleted so its sales are falling. Also because its pit is getting deeper each year, its costs are rising. As results the company's earnings and dividends are declining at a constant rate of 5% per year. If recently paid dividend was ksh 5 and required rate of return is 15% what is the value of Martell mining's stock? 4. A stock is expected to pay a dividend of ksh 5 at the end of the year, and it should continue to grow at a constant rate of 7% a year. If it's required return is 12% what is the stock expected price 4 years from now? 5. Your broker offers to sell you some shares of Bahnsen \& Co. common stock that paid dividend of sh 20.00 yesterday. Bahnsens dividend is expected to grow 5% per year for the next 3 years. If you buy the stock, you plan to hold it for 3 years and then sell it. The appropriate discount rate is 12%. a. Find the expected dividend for each of the next 3 years; b. Compute the price of share today; c. If you plan to buy the stock, hold it for 3years and then sell it for ksh347.3, what is the most you should pay for it today