Holt Enterprises recently paid a avidend, Do, of $3.50. It expects to have noncunstant growth of 21% for 2 years followed by a constant rate of 6% thereatter. The. firm's required return is 16%. 1. The terminal, or horizon, date is the dote when the growth rate becomes constant. This occurs at the end of Year 2. a. How far away is the horizon date? II. The terminal, or horizon, date is infinity since common stocks do not have a maturity date. 11t. The terminal, or horizon, date is Year 0 since the value of a common stock is the present value of all future expected dividends at time zero. IN. The terminal, or horizon, date is the date when the growth rate becomes nonconstant, This occurs at time zero. Q. The terminal, or honzon, date is the date when the growth rate becomes constant. This occurs at the beginning of Year 2 . b. What is the firm's horizon, of continuing, value? Do not round intemediate calculations. Round your answer to the nearest cent. c. What is the firm's intrinsic value today, P^0 ? Do not round intermediate calculations. Round Your answer to the nearest cent: 1 1