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 $1.25 coming 3 years from today. The dividend should grow rapidly - at a rate of 38% per year - during Years 4 and 5; but after Year 5, growth should be a constant 7% 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 12%, what is the value of the stock today? Round your answer to the nearest cent. Do not round your intermediate calculations. $ Year 3 Dividend, D3 Supernormal growth rate, gs Normal growth rate, In Required return, rs $1.25 38.00% 7.00% 12.00% 38.00% 38.00% 7.00% 0 1 4 5 6 2 0 3 $1.25 0 Dividends P5 Cash flows to common stockholders 0 0 PV of cash flows to common stockholders Stock Price, Po Alternatively, using Excel NPV function: Stock Price, Po Formulas 38.00% 38.00% 7.00% 0 1 0 2 0 3 $1.2500 4 #N/A 5 #N/A 6 #N/A Dividends P5 Cash flows to common stockholders #N/A #N/A 0 0 #N/A #N/A #N/A #N/A #N/A #N/A #N/A PV of cash flows to common stockholders Stock Price, Po #N/A