Question 1 PK Learning is reinvesting heavily in the business on order to expand. The firm is retaining all the earnings in the business and therefore, has no amount left to pay dividends to the shareholders. However, investors expect that PK Learning will start paying dividends in four years i.e. a dividend of $2 coming in 4 years from today. The dividend should grow rapidly at a rate of 50% per year during Years 5 and 6; but after Year 6, the firm achieves a long-run growth rate of 6% per year. The required return on PK Learning is 13%. (15 marks) a) Calculate the non-constant dividends. b) Calculate the firm's horizon value. c) What is the firm's intrinsic value today, fo? (Use financial calculator)