Question 7.2 An analyst produces the following series of annual dividend forecasts: Year Expected dividend t+1 $10 t+2 $20 t+3 $10 The analyst believes that dividends will be zero after year t+3. The company's cost of equity is 10 per cent. Under these assumptions, what will be equity value at the end of year t? A., $31.16 B. $33.13 /c. $36.36 D. $40