Goodwin Technologies, a relatively young company, has been wildly successful but has yet to pay a dividend. An analyst forecasts that Goodwin is likely to pay its first dividend three years from now. She expects Goodwin to pay a $1.25000 dividend at that time (D, $1.25000) and believes that the dividend will grow by 6.50000 % for the following two years (D, and D). However, after the fifth year, she expects Goodwin's dividend to grow at a constant rate of 3.36000% per year. Goodwin's required return is 11.20000 %. Fill in the following chart to determine Goodwin's horizon value at the horizon date (when constant growth begins) and the current intrinsic value. To increase the accuracy of your calculations, do not round your intermediate calculations, but round all final answers to two decimal places. Term Horizon value Current intrinsic value Value Assuming that the markets are in equilibrium, Goodwin's current expected dividend yield is and Goodwin's capital gains yield is Goodwin has been very successful, but it hasn't paid a dividend yet. It circulates a report to its key investors containing the following statement: Investors prefer the deferred tax liability that capital gains offer over dividends. Is this statement a possible explanation for why the firm hasn't paid a dividend yet? No Yes Term Horizon value Value Current intrinsic value $18.69 Assuming that the markets $15.89 ilibrium, Goodwin's current expected dividend yield $22.43 Goodwin has been very suce $13.08 t it hasn't paid a dividend yet. It circulates a report answers to two decimal places. Term Horizon value Current intrinsic value Value the accuracy of your calculations, do not round your intermedia Assuming that the markets $12.70 ilibrium, Goodwin's current expected dividend yield is , and Good $13.61 $7.61 Goodwin has been very suc t it hasn't paid a dividend yet. It circulates a report to its key investors conta $13.98 Investors prefer the deferred tax liability that capital gains offer over dividends. Current intrinsic value Assuming that the markets are in equilibrium, Goodwin's current expected dividend yield is and Goodwin's capital gains yield is 7.59% Goodwin has been very successful, but it hasn't paid a dividend yet. It circulates a report to 9.78% vestors containing the following statement: 9.18% 0.00% Investors prefer the deferred tax liability that capital gains offer over dividends. tion for why the firm haen't naid a dividend vet? Horizon value Current intrinsic value Value Assuming that the markets are in equilibrium, Goodwin's current expected dividend yield is , and Goodwin's capital gains 13.61% 10.9922% 11.20000% een very successful, but it hasn't paid a dividend yet. It circulates a report to its key investors containing the following s refer the deferred tax liability that capital gains offer over dividends. 18.69% Is this statement a possible explanation for why the firm hasn't paid a dividend yet?