d) PJP Bhd. is expanding rapidly, and it currently needs to retain all of its earnings, hence it does not pay any dividends. However, investors expect PIP Bhd. to begin paying dividends with the first dividend of RM2 coming 3 years from today. The dividend should grow rapidly at a rate of 10 percent per year during years 4 and 5, After year 5, the company should grow at a constant rate of 5 percent per year. If thg required return on the stock is 15 percent, what is the value of the stock today?

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