A stock just paid an annual dividend of $1.8. The dividend is expected to grow by 6% per year for the next 4 years. The growth rate of dividends will then fall steadily from 6% after 4 years to 3% in year 8 . The required rate of return is 12%. Part 1 Attempt 1/10 for 10 pts. What is the value of the stock if the dividend growth rate will stay 3% forever after 8 years? Part 2 Attempt 1/10 for 10 pts. In 8 years, the P/ E ratio is expected to be 17 and the payout ratio to be 80%. What is the value of the stock when using the P/E ratio