please show with formulas no excel

6. Stocks that don't pay dividends yet Goodwin Technologies, a relatively young company, has been wildly successful but has yet to pay a dividend. An analyst forecasts that Goodwin is likely to pay its first dividend three years from now. She expects Goodwin to pay a $1.25 dividend at that time (D3=$1.25) and believes that the dividend will grow by 6.50% for the following two years ( D4 and D5 ). However, after the fitth year, she expects Goodwin's dividend to grow at a constant rate of 3.36% per year. Goodwin's required return is 11.20%. Fill in the following chart to determine Goodwin's horizon value at the horizon date-when constant growth begins-and the current intrinsic value. Assuming that the markets are in equilibrium, Goodwin's current expected dividend yield is , and Goodwin's capital gains yield is