Holt Enterprises recently paid a dividend, $D_0,$ of $$3\mathrm{.}50.$ It expects to have nonconstant growth of $25\%$ for $2$ years followed by a constant rate of $6\%$ thereafter. The firm's required return is $10\%.$

a$.$ How far away is the horizon date?

I. The terminal, or horizon, date is the date when the growth rate becomes constant. This occurs at the end of Year $2.$

II$.$ The terminal, or horizon, date is infinity since common stocks do not have a maturity date.

III. 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.

IV$.$ The terminal, or horizon, date is the date when the growth rate becomes nonconstant. This occurs at time zero.

V$.$ The terminal, or horizon, 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, or continuing, value? Round your answer to two decimal places. Do not round your intermediate calculations.

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c$.$ What is the firm's intrinsic value today, $P_0?$ Round your answer to two decimal places. Do not round your intermediate calculations.