A stock is expected to pay its first annual dividend in 5 years. The dividend is expected to stay constant at $1.2 per year for 20 years and then grow at 5% annually forever. The required rate of return is 13\%. (hint: non-standard dividends; two-stage of dividends) Part 1 (1) A Attempt 6/10 for 5 pts. What is the PV today of the first-stage dividends? (20 years of constant $1.2 dividend per year is the first stage) Part 2 (1) Attempt 2/10 for 9 pts. What is the PV today of the second-stage dividends? (dividends after the 20 years of constany (stage) What should be the stock price now