You are trying to value the stock of a company that just paid a dividend of $2 per share. Below you will find the projected earnings growth rate, payout rate and the forecasted earnings and dividends. Note that the company does not pay any dividend for the first 3 years and will start paying 60% of its earnings as dividends starting year 4. The growth rate in earnings will slow to a long-run rate of 4%. If the cost of equity is 8%, what is the value of this company's share today? Year 0 1 2 3 4 5 6 Earnings 1 EPS Growth Rate (versus prior year) 20% 20% 20% 20% 4% 4% 2 EPS $2.00 $2.40 $2.88 $3.46 $4.15 $4.31 $4.49 Dividends 3 Dividend Payout Rate 0% 0% 0% 60% 60% 4 Dividend $ $ $ $2.49 $2.59 $2.69 60% $52.36 O $4124 $49.42 562.25