Alpha Corp. just paid a dividend of $2/ share. Their dividend is expected to grow at a 5% rate for the next seven years. After that, the dividend is expected to increase at a 3\% rate forever. The next dividend will be paid out exactly in one year. Assume investors require a 10% rate of return on Alpha Corp. What is the price of Alpha Corp.'s shares today? $20.71 $31.0 $34.3 $32.9 $31.9 How do you account for the pro-forma analysis for the research and development costs that were spent the year before we have to make a decision on a project? Account for the after-tax value only and add it to the net working capital Account for it because it is a side effect Ignore, since it's a sunk cost Account for the after-tax value only and add it to the capital investment upon project start