Use the variable-growth model to predict the intrinsic value of the Rhyhorn Company common stock. Assume that dividends will grow at a variable rate for the next three years (2019, 2020, and 2021). After that, the annual rate of growth in dividends is expected to be 7% and stay there for the foreseeable future. Starting with the latest (2018) annual dividend of $2.00 per share, Rhyhorn's earnings and dividends are estimated to grow by 18% in 2019, by 14% in 2020, and by 9% in 2021021 before dropping to a 7% rate. Given the risk profile of the firm, assume a minimum required rate of return of at least 12%. a. Calculate the projected annual dividends over the years 2019, 2020, and 2021. b. Determine the present value of dividends during the initial variable-growth period. c. What do you believe the price of Rhyhorn stock will be at the end of the initial growth period (2021)? d. Having determined the expected future price of Rhyhorn stock in part c, discount the price of the stock back to its present value. e. Determine the total intrinsic value of Rhyhorn stock based on your previous calculations. a. The projected annual dividend for 2019 is $ The projected annual dividend for 2020 is $ (Round to the nearest cent.) (Round to the nearest cent.) The projected annual dividend for 2021 is $ (Round to the nearest cent.) b. The present value of dividends during the initial variable-growth period is (Round to the nearest cent.) c. The price of the stock at the end of the initial growth period (2021) is $ (Round to the nearest cent.) d. The present value of the expected future price is $ e. The total intrinsic value of the stock is $ (Round to the nearest cent.) (Round to the nearest cent.)