4. Vandelay Industries, a latex company, just paid $3.42 per share in annual dividends (ie. Do = $3.42), and has historically grown that amount by 5% a year. What is the current value of the stock to an investor who requires an 11% return under each of the following scenarios a) Dividends continue to grow at the historical rate (i.e.5%) b) The dividend growth rate is expected to permanently increase to 7% c) The dividend growth rate is expected to permanently decrease to 3%