Holt Enterprises recently paid a dividend, Do, of $4.00. It expects to have nonconstant growth of 12% for 2 years foliowed by a constant rate of 64 thereafter. The firm's required retum is 18% a. How far awsy is the horizon date? 1. The terminal, or horizon, date is the date when the growth rate becomes constant. This occurs at the beginning of Year 2 . 11. The terminal, or horizon, date is the date when the growth rate becomes constant. This occurs at the end of Year 2. 1i1. The terminal, or horizon, date is infinity since commen stocks do not have a maturity date. IV. The terminal, or borizon, date is Year 0 since the value of a commen stock is the present value of all future expected dividends at time aure. v. The terminal, or horizon, date is the date when the growth rate becomes nonconstant. This occurs at time tero. b. What is the firm's horizon, or continuing, value? Do not round intermediate calculations. Round your answer to the neareat cent. 5