Intro Apple has just paid an annual dividend of $3.93. Dividends are expected to grow by 22% per year for the next 4 years, and then grow by 11% thereafter. Apple has an annual required return of 40%. Attempt 1/5 for 10 pts. Part 1 What is the expected dividend in four years? 8.706 Correct Dividends during non-constant growth phase: = Di = D.(1 + 91) = 3.93 1.22 = 4.795 D2 = Do(1+g1) = 3.93 1.222 = 5.85 D3 = D. (1+91)3 = 3.93 1.223 = 7.14 D4 Do(1+91)* = 3.93 1.224 = 8.71 - Attempt 1/5 for 10 pts. 18 Part 2 What is the intrinsic value in the fourth year (V4)? 33.3239 Correct D4(1 +9) V4 = 8.71 (1 + 0.11) 0.4 0.11 33.32 k-9 NA Attempt 1/5 for 10 pts. Part 3 What is the value of the stock now (VO)? 1+ decimals