A stock just paid an annual dividend of $2.2. The dividend is expected to grow by 10% per year for the next 3 years. The growth rate of dividends will then fall steadily (linearly) from 10% after 3 years to 7% in year 6. 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 0.07(7%) forever after 6 years? Part 2 Attempt 1/10 for 10 pts. In 6 years, the P/E ratio is expected to be 11 and the payout ratio to be 80%. What is the value of the stock when using the P/E ratio