Holt Enterprises recently paid a dividend, D0, of $3.75. It expects to have nonconstant growth of 21% for 2 years followed by a constant rate of 10% thereafter. The firm's required return is 18%. a. How far away is the horizon date? I. The terminal, or horizon, date is the date when the growth rate becomes nonconstant. This occurs at time zero. II. The terminal, or horizon, date is the date when the growth rate becomes constant. This occurs at the beginning of Year 2. III. The terminal, or horizon, date is the date when the growth rate becomes constant. This occurs at the end of Year 2. IV. The terminal, or horizon, date is infinity since common stocks do not have a maturity date. V. 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. b. What is the firm's horizon, or continuing, value? Do not round intermediate calculations. Round your answer to the nearest cent. $ c. What is the firm's intrinsic value today, P0 ? Do not round intermediate calculations. Round your answer to the nearest cent. $ Tresnan Brothers is expected to pay a $3.20 per share dividend at the end of the year (i.e., D1=$3.20 ). The dividend is expected to grow at a constant rate of 10% a year. The required rate of return on the stock, rs, is 18%. What is the stock's current value per share? Round your answer to the nearest cent. Farley Inc. has perpetual preferred stock outstanding that sells for $32 a share and pays a dividend of $2.25 at the end of each year. What is the required rate of return? Round your answer to two decimal places. %