Check My Work (2 rem eBook Problem Walk-Through Problem 7-13 Nonconstant Growth Stock Valuation - Simpkins Corporation does not pay any dividends because it is expanding rapidly and needs to retain all of its earnings. However, investors expect Sim begin paying dividends, with the first dividend of $0.50 coming 3 years from today. The dividend should grow rapidly - at a rate of 50% per year - dur 4 and 5. After Year 5, the company should grow at a constant rate of 5% per year. If the required return on the stock is 15%, what is the value of the today (assume the market is in equilibrium with the required return equal to the expected return)? Round your answer to the nearest cent. Do not rou intermediate computations. $ 4.78