Question 31 (1 point) Present Corporation is a young start-up company. No dividends will be paid on the stock for the first year (D1) and $1.5 is expected for year 2. The company will then pay a $2.50 per share dividend in year 3 and will increase the dividend by 5% per year thereafter. The required return on this stock is 15%. What is the Horizon Value at time 3 P3? $25 None of the answers is correct $26.25 $21 $20