Therefore, the PV of the dividends from time four ($2.10) to infinity is $2.10 / 0.05, resulting in $42.

The PV function in Excel (=PV(rate,nper,pmt,[fv],[type]) can be used to derive the PV of the dividends from time four to infinity of $42, resulting in $27.62.

How do you get 27.62? What is the excel formula and manual way to solve it? discount rate is 5% to infinity