Nonconstant Dividend Growth Valuation Simpkins Corporation does not pay any dividends because it is expanding rapidly and needs to retain all of its earnings. However, investors expect Simpkins to begin paying dividends, with the first dividend of $1.00 coming years from today. The dividend should grow rapidly at a rate of 60% per year during Years 4 and 5. After Years, the company should grow it a constant rate of 10% per year. If the required return on the stock is 12%, what is the value of the stock today (assume the market s in bom with the required return equal to the expected return) Do not round intermediate calculations. Round your answer to the nearest cent. . sed Grade It Now Save & Continue Continue without saving E a