A stock is expected to pay its first annual dividend in 5 years. The dividend is expected to stay constant at $1.5 per year for 20 years and then grow at 5% annually forever. The required rate of return is 12%. (hint: non-standard dividends; two-stage of dividends) What is the PV today of the first-stage dividends? (20 years of constant $1.5 dividend per year is the first stage) Attempt 1/10 for 10 pts. is the first stage) What is the PV today of the second-stage dividends? (dividends after the 20 years of constant dividend is the second stage)