Access Fund recently paid a dividend, of $1.45. The company expects to have supernormal growth of 15% for 3 years before the dividend is expected to grow at a constant rate of 6%. The firms cost of equity is 19%.

c. Which cash flows would you discount, and by how many years to find the expected price of the stock after 1 year?

d. Which cash flows would you discount, and by how many years, to find the expected price of the stock after 2 years?