Corp. is a small company that intends to start paying dividends to its shareholders. The corporation is considering two alternatives. Alternative 1: The firm will pay its very first dividend in one year from now (dividend per share will be 50 cents). From year one onward, dividends are expected to grow at 4.5%. Alternative 2: The firm will pay its very first dividend in three years from now (dividend per share will be 50 cents). From year three to year six, dividends will be growing at 25% per year. After this period of non-normal growth, dividends growth will resume to a more normal level of 1% per year. If the firm is assuming that investors required rate of return is 12%, which alternative is the best?