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 $0.50 coming 3 years from today. The dividend should grow rapidly - at a rate of 33% per year during Years 4 and 5; but after Year 5, growth should be a constant 5% 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 17%, what is the value of the stock today? Round your answer to the nearest cent. Do not round your intermediate calculations. Check My Work Reset Problem Nonconstant growth Year 3 Dividend, D, Supermormal growth rate, g. Normal growth rate, g Required return, r Dividends P Cash flows to common stockholders PV of cash flows to common stockholders Stock Price, P 5 Altematively, using Excel NPV function Stock Price, P Formulas 2 Dividends 4 P 5 Cash flows to common stockholders 6 7 PV of cash flows to common stockholders 8 Stock Price, P -9. 80 Altematively, using Excel NPV function 1 Stock Price, P 12 A Sheeti + $0.50 33.00% 5.00% 17.00% 0 0 ENIA NIA 1 0 1 0 0 NA 2 0 0 2 0 0 N/A $0.50 $0.5000 N/A INA 33.00% 33.00% NIA NA UNA 33.00% 33.00% SNIA #N/A SNA SNIA 5.00% 5.00% 6 N/A