Consider another company; Health Corp. Health Corp has paid $5 per share as dividends for year 2019 and its dividends for years 2020-2023 are expected to grow at 15% (first-stage growth rate, as indicated in cell F34). After 2022, Health Corp's dividends are expected to grow at 3% (second-stage growth rate, as indicated in cell F35) per year, indefinitely.

(3) Calculate the expected dividends of Health Corp for 2020-2023 as well as for 2024 and calculate their present value.

Health Corp
Annual Dividend for 2019, D0	5
Expected growth rate for 2020-2023, g1	15%
Expected growth rate after 2023, g2	3%
Cost of Equity, r	10%
Year	Year Indicator	Expected Dividends	PV of Dividends
2020	1
2021	2
2022	3
2023	4
2024	5