All questions in Part B will be based on the following Case Study. You are trying to estimate the intrinsic value of the shares of Flying High Ltd, a manufacturer of unmanned aerial vehicles, or drones. The company is headquartered in Melbourne, and sells its drones throughout Australia and New Zealand. It is a public company, but is not yet listed on the stock exchange. There are 30,000 shares outstanding. The firm pays an annual dividend. The most recent dividend was $2.98. The required rate of return is 11.24%. Upon conducting a more detailed analysis, you now conclude that the firm is still in the growth stage of a company's life cycle. You believe the dividend will grow at 8.5% for the next 2 years and will then settle down to a constant growth rate of 2.6% in perpetuity. If you use a 2-stage dividend discount model, assuming that the dividend grows at 8.5% in Years 1 and 2, and then grows at 2.6% in Year 3, what will be the value of the dividend in Year 3? a. $3.91 O b. $3.60 c. $3.81 d. $3.32