Penny Blossoms is growing steadily. Investors expect both the stock price and the dividends ( $3 at the end of each year) to increase at 8% per year. The stock is also expected to sell at $81 after year 1 . Suppose there are three investors: Shelly, Howie and Rajay and they plan to hold Penny Blossoms for 1 year, 2 years and 3 years, respectively. Assume that each investor requires the same expected return of 12%. a. Calculate the present value P0 of Shelly's 1-year horizon. [1 pt] b. Calculate the present value P0 of Howie's 2-year horizon. [1.5 pts] c. Calculate the present value P0 of Rajay's 3 -year horizon. [1.5 pts]