1. Alaska Airlines just paid a dividend of $1 per share. Alaskas anticipated growth rate in dividends and earnings is 25% for the next 2 years before settling down to a constant 5% growth rate. The discount rate is 12%. Calculate the dividend expected by Alaskas shareholders in the fourth year. (4 points)

   		$2.44
   		$1.72
   		$1.22
   		$2.05