3. The earnings for firm A and firm B are given below (year 5 indicates 5 years ago, year 0 indicates this years dividend, which has not been paid out yet but is already known, year +1 indicates the forecast of next years dividend). All numbers are in millions of dollars.

Year 5 4 3 2 1 0 +1 +2

A 11 0 1 2 21 22 23 23

B 5 13 7 4 15 13 3 10