Problem 5 The directors of MJ Inc. expect to pay a dividend of $2.00 (annual) a year from today. It is estimated that during the next four years (i.e. years 2 through 5), the dividend will grow at an annual rate of 16 percent (i.e. g|-16 percent). After that, the growth rte (g2) will be equal to l 2 percent per year and continue at that rate indefinitely. Calculate the present value of the MJ's stock if the required rate of return is 15 percent