Please show all work!!! handwritten if possible and using no excel!!

25. Jacob Suppliers has not paid a dividend in the last three years. It does not expect to pay dividends in the next two year either because of an economic downturn. But, three years from now it expects to pay a dividend of $2.50 and then $3.00 each year in the following two years. What is the present value of the dividends expected to be received over the next five years if the discount rate is 15% ? (Assume all dividends are paid at the end of each year.) a) $4.85 b) $5.37 c) $5.50 d) $6.14