Goodwin Technologies, a relatively young company, has been wildily succossful but has yet to pay a dividend. An analyst forccasts that Goodwin is likely to pay its first dividend three vears from now. She expects Goodvin to pay a $1.75000 dividend at that time (Dx - $1.75000) and belleves that the dividend will grow by 9.10000% for the following two years (D. and Ds). However, after the fifth year, she expects Goodwin's dividend to orew at a constant rate of 3,48000% per year. Goodwin's required return is 11.60000%. Fill in the following chart to determine Goodwin's horizoa value at the horizon dato (when constant growth begins) and the current intrinsic value. To increase the accaracy of vour calculations, do not inand your intermediate calculations, but round all final answers to two decinal places. Assuming that the markets are in equilibrhum, Goodwins cument expected dividend rield is , and Coodwio's capital gains vield is Goodwin has been very succossfud, but it hasn' paid a fividend yet, it circulates a report to its ker investors centaining the following stateonent: Investons prefer the deferred tax liabihy that capitat gains offer over divideails. Is this statement a possithe enplanabon for why the firm hasen t pold a dividend ret? Yes No