Exercise #5. 50 points. An analyst produces the following series of annual dividend forecasts for company D: Expected dividend (end of) year t+1 = 30; Expected dividend (end of) year t+2 = 20; Expected dividend (end of) year t+3 = 30. The analyst further expects that company D's dividends will grow indefinitely at a rate of 2 percent after year t+3. Company D's cost of equity equals 10 percent. Under these assumptions, calculate the analyst's estimate of company D's equity value at the end of year t.