Ted McKay has just bought the common stock of Ryland Corp. The company expects to grow at the following rates for the next three years: 30 percent, 25 percent, and 15 percent. Last year the company paid a dividend of $2.60. Assume a required rate of return of 11%

Compute expected dividend for the first year?

Compute expected dividend for the second year?

Compute expect a dividend for the third year?

Compute the present value of these dividends if the required rate of return is