TTY Corporation has just paid a dividend of $2.30 per share. This dividend is expected to grow by 15% next year, 10% the year after that, and then dividend growth will level off and grow in perpetuity at 5%. You believe that the company's cost of equity capital is 16.5%. The company's bonds are rated as "AA" by Standard & Poor's What is your estimate of the intrinsic value of TTY Corporation? If the company's bond rating were to fall to "C", would you expect the cost of equity to fall or rise? Why? What would this do to the price of the stock? What is the percentage change in the value of TTY stock if the final growth rate of dividends, currently at 5%, rises to 6%, or falls to 4%