likely to pay its first dividend three years from now. She expects Goodwin to pay a $5.25000 dividend at that time (D D3=$5.25000 ) and believes that the dividend will grow by 27.30000% for the following two years (D4 and Ds). However, after the fifth year, she expects Goodwin's dividend to grow at a constant rate of 4.32000% per year. answers to two decimal places. Assuming that the markets are in equilibrium, Goodwin's current expected dividend yield is , and Goodwin's capital gains yield is Goodwin has been very successful, but it hasn't paid a dividend yet. It circulates a report to its key investors containing the following statement: Investors prefer the deferred tax liability that capital gains offer over dividends. Is this statement a possible explanation for why the firm hasn't paid a dividend yet? No Yes