Please show all of your work and calculations that led to the right answer

4. Bowles Corporation does not pay any dividends because it is expanding rapidly and needs to retain all of its earnings. However, investors expect Bowles to begin paying dividends with the first (per share) dividend of $0.75 coming 2 years from today. The dividends should grow rapidly, at 40% per year, during years 3 and 4. After year 4, Bowles' dividends should grow at a more constant rate of 3% per year. If the required return (i.e. the expected return) on Bowles' stock is 12%, what is the best estimate of Bowles (per share) stock value today? (9) 5. McCarthy Products is considering a potential project with following expected net cash flows, in millions of dollars. After today (year 0) cash flows are at year end: Year 0 (upfront cost)-500; Year 1-200 (cost); Year 2 -150 (cost); Year 3 300; Year 4 500; Year 5 750; Year 6 1000; Year 7-300 (clean-up cost); Year 8 -200 (clean-up cost) If 12% (APR) is the appropriate cost of capital for such a McCarthy project, then what is this potential project's MIRR? Consider Year 8 to be the end of the project's life