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 31% per year - during Years 4 and 5; but after Year 5, growth should be a constant 6% 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. X Open spreadsheet If the required return on Computech is 14%, what is the value of the stock today? Round your answer to the nearest cent. Do not round your intermediate calculations. 7.3 INMASCHERE Year 3 Dividend, D, 4 Supermormal growth rate, g 5 Normal growth rate. G Required retum, r Hyrumor 9 Dividends 10 P 11 Cash flows to common stockholders 12 13 PV of cash flows to common stockholders 14 Stock Price, P 16 Altematively, using Excel NPV function: 17 Stock Price, P 18 21 Formulas $1.00 31.00% 6.00% 14.00% 0 1 0 0 $0.00 D 2 0 0 $0.00 E 3 $1.00 $1.00 $0.67 31.00% 4 $1.31 $1.31 $0.78 G 31.00% 5 $1.39 $0.92 $11.31 $5.87 H 6.00% 6 $1.39