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 $$2\mathrm{.}75000$ dividend at that time $(D_3=$$$2\mathrm{.}75000)$ and believes that the dividend will grow by $14\mathrm{.}30000\%$ for the following two years $(D_4$ and $D_5).$ However, after the fifth year, she expects Goodwin's dividend to grow at a constant rate of $3\mathrm{.}72000\%$ per year.

Goodwin's required return is $12\mathrm{.}40000\%.$ 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.

$\backslash$table$[[$Term$,$Value$],[$Horizon value,$],[$Current intrinsic 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:

Goodwin has yet to record a profit $($positive net income$).$

Is this statement a possible explanation for why the firm hasn't paid a dividend yet?