Cheers Beverages Limited paid a $$3$ dividend last year. The dividend is expected to grow at a constant rate of $5$ percent forever. The required rate of return is $14$ percent $($this will also serve as the discount rate in this problem$).($Use Excel to arrive at the answers.$)$ a$.$ Compute the anticipated value of the dividends for the next three years. $($Do not round intermediate calculations. Round the final answer to $3$ decimal places.$)$ Anticipated value D$1$$ D$2$$ D$3$$ b$.$ Calculate the present value of each of the anticipated dividends at a discount rate of $14$ percent. $($Do not round intermediate calculations. Round the final answers to $3$ decimal places.$)$ PV ofdividends D$1$$ D$2$ D$3$ Total$ c$.$ Compute the price of the stock at the end of the third year $($P$3).($Do not round intermediate calculations. Round the final answer to $2$ decimal places.$)$ P$3=$D$4$Ke g $($D$4$ is equal to D$3$ times $1\mathrm{.}05)$ Price of the stock $ d$.$ Calculate the present value of the year $3$ stock price at a discount rate of $14$ percent. $($Do not round intermediate calculations. Round the final answer to $3$ decimal places.$)$ Price of the stock $($discounted$)$ $ e$.$ Compute the current value of the stock. $($Do not round intermediate calculations. Round the final answer to $2$ decimal places.$)$ Current value $ f$.$ Use formula given below to show that it will provide approximately the same answer as part e$.($Do not round intermediate calculations. Round the final answer to $2$ decimal places.$)$ P$0=$D$1$Ke g For formula $108,$ use D$1=$ $$3\mathrm{.}15,$ Ke $=14$ percent, and g $=5$ percent. $($The slight difference between the answers to parts e and f is due to rounding.$)$ Current value $

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