Assume that you are using the dividend discount model (the Gordon Growth Model) to value stock. The stock currently pays no dividends, but expected to begin paying dividends $3 per share in three years. The firm's cost of equity is 11%.Suppose the stock is expected to grow at a rate of 6% for the next five years that it started paying dividends, then slows to a long-term growth rate of 4%, how much is that stock worth today? $40-$45 $25-$30 $30-$35 > $45 $35-$40