Question 1 (3 marks): Assume that a firm currently has earnings of $14 per share. If investor expects that the earnings per share will growth by 3% annually and expect to sell the firm's stock in three years. The firm is expected to pay a dividend of $3 per share over the next three years and if the investor's required rate of return is 12%. Calculate the present value of expected cash flows to be received by the investor. v Phm Khnh G