You have estimated the following earnings and payout rates for XYZ Corporation for the next five years (see table below). If XYZ retains earnings they can be invested in new projects with an expected return of 25.13% per year. You anticipate that after year 5 XYZ will payout 77% of its earnings in perpetuity. Any earnings that are not retained will be paid out as dividends. Assume XYZ does not repurchase any shares and does not conduct any stock splits. Further, assume that all earnings growth comes from the investment of retained earnings. If XYZs equity cost of capital is 11.4%, what price would you estimate for XYZs stock today? Show your work by completing a table similar to the one below (round $ amounts to two decimals).

1 $ - 2 2.87 0% 0% 52% 52% 77% Year EPS (in $) Payout gin%) Dividened per share (in $) Ps(Terminal Value) Present Value Share Price Today $ - $ - $ - $ - $ - $