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ACME Corporation is expanding rapidly and currently needs to retain all of its earnings, hence, it does not pay dividends. However, investors expect ACME to begin paying dividends, beginning with a dividend of 2.50 coming 3 years from today. The dividend will grow rapidly - at a rate of 25% per year - during Years 4 and 5, but after Year 5, growth be a constant 5% per year. If the required return on ACME is 12%, what is the value of the stock today? (Note: use the same information for the next three questions as well). $39.23 $38.91 O $39.78 O $40.05 $38.49 ACME Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect ACME to begin paying dividends, beginning with a dividend of $2.50 coming 3 years from today. The dividend will grow rapidly - at a rate of 25% per year - during Years 4 and 5, but after Year 5, growth be a constant 5% per year. If the required return on ACME is 12%, what is the dividend yield once the firm reaches constant growth? O 7.55% 6.02% 7.15% 7.00% 6.36% ACME Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect ACME to begin paying dividends, beginning with a dividend of $2.50 coming 3 years from today. The dividend will grow rapidly - at a rate of 25% per year - during Years 4 and 5, but after Year 5 growth be a constant 5% per year. If the required return on ACME is 12%, what is the capital gains yield for the first year? O 5.5% O 12% 7% 5% o o 0%