The Back Room just paid an annual dividend of $1.65 a share. The firm expects to pay dividends forever and to increase the dividend by 3 percent annually. What is the expected value of this stock five years from now if the discount rate is 14 percent? What is the expected value of this stock three years from now if the discount rate is 13.25 percent and the expected growth rate is 4.5 percent? 7 "