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 $1.86 per share, Rhyhorn's earnings and dividends are estimated to grow by 17% in 2019 , by 14% in 2020 , and by 10% 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 11%. 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