. Help jenny to forecast dividend payments for Reeby Sports and to estimate the value of the stock. You do not need to provide a single figure. For example, you may wish to calculate two figures, one on the assumption that the the opportunity for futher profitable investment is reduced in year 6 and another on the assumption that it is reduced in year 8.

2. How much of your estimate of the value of Reeby's stock comes from the present value of growth opportunities?