70. Calculation - Common Stock Price - Variable Growth Agarwal Technologies was founded 10 years ago. It has been profitable for the last 5 years, but it has needed all of its earnings to support growth and thus has never paid a dividend. Management has indicated that it plans to pay a $0.25 dividend 3 years from today, then to increase it at a relatively rapid rate for 2 years, and then to increase it at a constant rate of 8.00% thereafter. Management's forecast of the future dividend stream, along with the forecasted growth rates, is shown below. Assuming a required return of 11.00%, what is your estimate of the stock's current value? 1 NA 2 NA 3 4 NA 30.00% 5 15.00% 6 8.00% $0.000 $0.000 $0.250 $0.325 $0.374 $0.404 Year 0 Growth NA rate Dividends $0.000 a. $10.50 b. $8.50 c. $10.75 d. $9.29 e. $9.21