see both pictures, thanks!

9. Stocks that don't pay dividends yet Goodwin Technologles, a relatively young company, has been wildly successful but has yet to pay a dividend. An analyst forecasts that Goodwin is likely to pay its first dividend three years from now. She expects Goodwin to pay a $1.75000 dividend at that time (D,=$1.75000) and believes that the dividend will grow by 9.10000% for the following two years (D4 and D3). However, after the fith year, she expects Goodwin's dividend to grow at a constant rate of 3.48000% per year. Goodwin's required return is 11.60000%. Fill in the following chart to determine Goodwin's horizon value at the horizon date (when canstant growth answers to two decimal places. If investors expect a total return of 12.60\%, what will be Goodwin's expected dividend and capital gains yield in two years-that is, the year before the firm begins paying dividends? Again, remember to carry out the dividend values to four decimal places. (Hint: You are at year 2, and the first dividend is expected to be poid at the end of the year. Find DY, and CGY3.) Expected dividend yield (DYy) Expected capital gains yield (CGY,) Goodwin has been very successful, but it hasn't paid a dividend vet. It circulates a ceport to its hey investars containing the following statement: Goodwin has been very successful, but it hasn't paid a dividend yet. It circulates a report to its key Investors containing the following statement: Investors prefer the deferred tax liability that copital gains offer over dividends. is this statement a possible explanation for why the firm hasn't paid a dividend yet? Yes No