Excel Online Structured Activity: Nonconstant growth Computech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect Computech to begin paying dividends, beginning with a dividend of $1.00 coming 3 years from today. The dividend should grow rapidly - at a rate of 45% per year - during Years 4 and 5; but after Year 5, growth should be a constant 10% per year. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below. Open spreadsheet If the required return on Computech is 12%, what is the value of the stock today? Round your answer to the nearest cent. Do not round your intermediate calculations. $ X Cut E D Autosum 27 O LU Copy Arial BIUD 10 AA A E Wrap Text Merge & Center - General $ -% Paste -48 Insert Delete Format Clear Conditional Format Formatting as Table Tables Format Painter Clipboard Sort & Filter Editing Find & Select Font Alignment Number Cells Undo D28 G H I J K L 1 Nonconstant growth Year 3 Dividend, D3 Supernormal growth rate, gs Normal growth rate, gn Required return, is $1.00 45.00% 10.00% 12.00% 6 45.00% 45.00% 10.00% 56 Dividends 0 0 $1.00 11 Cash flows to common stockholders 13 14 PV of cash flows to common stockholders Stock Price, Po 16 17 Alternatively, using Excel NPV function: Stock Price, Po Formulas 45.00% 45.00% 10.00% 2 Dividends 6 #N/A 0 0 $1.0000 #N/A P5 #N/A #N/A #N/A Cash flows to common stockholders 0 O #NA #N/A 26 #NA UNA #NA #N/A #N/A PV of cash flows to common stockholders Stock Price, Po 28 #NA 30 Alternatively, using Excel NPV function: Stock Price, Po #N/A