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Agarwal Technologies was founded 10 years ago. It has been profitable for the last 5 years, but it has needed all of its earnings to

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Agarwal Technologies was founded 10 years ago. It has been profitable for the last 5 years, but it has needed all of its earnings to support growth and thus has never paid a dividend. Management has indicated that it plans to pay a $0.25 dividend 3 years from today, then to increase it at a relatively rapid rate for 2 years, and then to increase it at a constant rate of 8.00% thereafter. Management's forecast of the future dividend stream, along with the forecasted growth rates, is shown below. Assuming a required return of 11.00%, what is your estimate of the stock's current value? Use the dividend values provided in the table below for your calculations. Do not round your intermediate calculations. Year 0 1 2 5 Growth NA NA 90.00% 40.00% 8.00% 3 4 6 NA rate NA $0.0000 $0.0000 Dividends O a. $14.05 $0.0000 $0.2500 $0.4750 $0.6650 $0.7182 b. $16.76 c. $13.69 d. $15.48 e. $15.10

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