The following two questions relate to Church, Inc., whose dividends are expected to grow at a nonconstant rate over the next several years. Both questions provide the same data, but ask for different responses. Church Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends to grow at a rate of 4.1% for the next 4 years, after which competition will probably reduce the growth rate in earnings and dividends to zero, i.e., g :0. The company's most recent dividend, Do, was $3.21, and its required rate of return is 13%. What is the expected Horizon Value at t-4? Answer Church Inc. is presently enjoying relatively high growth because of a surge in the demand for its new product. Management expects earnings and dividends to grow at a rate of 4.1% for the next 4 years, after which competition will probably reduce the growth rate in earnings and dividends to zero, i.e., g-0. The company's most recent dividend, Do, was $3.21, and its required rate of return is 13%. What is the current price of the common stock