Goodwin Technologies, a relatively roung company, has been wildly successful but has yet to pay a dividend. An analyst forecasts that Goodwin is Whely to pay its first dividend thee years from now. She expects Goodnin to pay a $2.25000 dividend at itat time (0, =$2.25000) and helieyes that the dividend will grow by 11.70000% for the following two vears ( 0 , and DN). Howevec, after the fifth veac, she expects Goodain's tividend to grow at a constant rate of 3.60000% per year. Coodwin's required return is 12.00000%. Fil in the following chart to determine Goodwin's horizon value at the horizon date (when constant growth begins) and the current intrincic value. To increase the accuracy of your calculations, do not round your intermiediate calculations, but round all final answers to twe decinal places. If investors expect a total return of 13.00%, what will be Geodnin's expected dividend and capital gains vield in two vears-that is, the year before the firm bogins paying dividends? Again, remember to carry eat the dividend values to four decinal places, (1lint: You are at vear 2 , and the first dividend is expected to be paid at the end of the year. Find DY4 and COF.) Goodwin has been very successful, bet it hasn't paid a divdend yet. It drculates a report to its kev investors containing the following statement: Investors prefer the deferred tax liability that capital gains effer over dividends. Is this statement a possible explanation for why the firm hasnt paid a dividend yet? Yes No