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5. Stocks that don't pay dividends yot Goodwin Technologies, a relatively youno company, has been wildly successful but has yet to bay a dividend. An analyst forecasts that Goodwin ts Ikely to pay its first dividend three years from now. She expects Goodwin to pay a $1.50000 dividend at that time (D. $1.50000) and believes that the dividend will grow by 7.80000s for the following two years (Da and Dv). However, after the fift year, she expects Goodwin's dirvidend to arow at a constant rate of 3.42000% per year. Goodwin's required return is 11.40000%. Fill in the following chart to determine Goodwin's horizon value at the horizon date (when constant growth begins) and the current intrinsic value. To increase the accuracy of your calculations, do not round your intermediate calculations, but round ahi final answers to two decimal places. If investors expect a total return of 12.40%, what will be Goodwin's expected dividend and capital gains yield in two years-that is, the year before the firm begins paying dividends? Again, remember to carry out the dividend values to four decimal places. (Hint: You are at year 2 ; and the first dividend is expected to be paid at the end of the year. Find DY3 and CGY Y2.) Expected dividend yield (DYa) the firm begins paying dividends? Again, remember to carry out the dividend values to four decimal places. (Hint: You are at year 2 , and the first dividend is expected to be paid at the end of the year. Find DYa and CGYa.) Goodwin has been very successful, but it hasn't paid a dividend yet. It circulates a report to its key investors containing the following statemenk: Goodwin has a large selection of profitable investment opportunities. Is this statement a possible explanation for why the firm hasn't paid a dividend yet? No Yes