Question 3 (15 marks) An investor is evaluating a company's common stock for investment and has gathered the following data: $2.50 Earnings per share (2019) Dividend payout ratio (2019) 60% Expected dividend growth rate for Years 2020 and 2021 25% Expected dividend growth rate starting from 2022 and onward 5% Investors' required rate of return 12% Applying the two-stage dividend discount model: a. What is the expected dividend at the end of Year 2020? (3 marks) b. What is the value of the common stock at the end of 2021? (6 marks) c. Calculate the value per share of this common stock for 2019. (6 marks)