Question 2 Bianco Ltd. has pulled off a miraculous recovery. Two years ago, it was near bankruptcy. Today, it announced a $1 per share dividend to be paid a year from now (D1), the first dividend since the crisis. Analysts expect dividends to increase by 20% a year for another 2 years. After the third year, dividend growth is expected to settle down to a more moderate long-term growth rate of 7 percent indefinitely. If the firm's investors expect to earn 14 percent on this stock, calculate the intrinsic value of the stock today