A stock just paid an annual dividend of $2.4. The dividend is expected to grow by 6% per year for the next 3 years. The growth rate of dividends will then fall steadily (linearly) from 6% after 3 years to 3% in year 6 . The required rate of return is 12%. What is the value of the stock if the dividend growth rate will stay 0.03(3%) forever after 6 years? Attempt 2/10 for 10 pts. In 6 years, the P/E ratio is expected to be 25 and the payout ratio to be 80%. What is the value of the stock when using the P/E ratio