(b). Murphy's California Brewing Co. is a young start- up company. No dividends will be paid on the stock during the next eight years because the firm needs to plow back its earnings to fuel growth. The company will then pay a dividend of $ 3.5 per share each year for the next six years (i.e., D, = D.. = ... = D, 4 = $3.5). It is then expected to pay dividend of $5 per share each year thereafter. If the required return on this stock is 9%, what would you pay for the stock today