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9-17 CONSTANT GROWTH Your broker offers to sell you some shares of Bahnsen & Co. common stock that paid a dividend of $2.00 yesterday. Bahnsen's dividend is expected to grow at 5% per year for the next 3 years. If you buy the stock, you plan to hold it for 3 years and then sell it. The appropriate discount rate is 12%. a. Find the expected dividend for each of the next 3 years; that is, calculate Dl, 132, and DJ. Note that Da = $200. b. Civen that the first dividend payment will occur I year from now, find the present value of the dividend stream; that is, calculate the PVs Of D', and Ds, and then sum these PVs. c. You expect the price of the stock 3 years from now to be $34.73; that is, you expect P3 to equal $34.73. Discounted at a 12% rate, what is the present value of this expected future stock price? In Other words, calculate the PV Of $34.73. d. If you plan to buy the stock, hold it for 3 years, and then sell it for $34.73, what is the most you should pay for it today? e. Use Equation 9.2 to calculate the present value Of this stock. Assume that g 5% and that it is constant. f. Is the value Of this stock dependent upon how long you plan to hold it? In other words, if your planned holding period was 2 yeans or 5 years rather than 3 years, would this affect the value Of the stock today, % ? Explain.