Question 4 I. Circle Inc, currently pays a dividend of $3.5 per share (i.e. Do = $3.5), and this dividend is expected to grow at a 20 percent annual rate for two years, then at a 10 percent rate for one year, before achieving the long-run growth rate of 6 percent forever. The company's stock has a required rate of return of 12%. (9 marks) Use Financial Calculator and calculate firm's stock intrinsic value today, P.? II. ZXY currently pays a dividend of $5 per share, and this dividend is expected to grow at a constant rate of 11 percent