ns Problem 12-23 Save Submit Assignment for Grading Question 6 of 25 Check My Work (10 remaining) eBook Highland Pet Supplies Company forecasts earnings per share of $3.00 during the coming year. Highland has always paid a dividend equal to 30 percent of its earnings, and it anticipates continuing this practice. Earnings are expected to increase at a rate of 25 percent per year in years 2 and 3, 22 percent in year 4, and 14 percent per year thereafter. The beta of Highland stock is 1.5, the risk-free rate is 8 percent, and the market risk premium has been estimated to be 8 percent. Use Table II to answer the questions below. Round your answers for the questions below to the nearest cent. a. What is the current (time 0) value of a share of Highland stock? $ b. What value would you project for a share of stock at the beginning of year 3? $ Icon Key Problem 12-23 Check My Work (10 remaining) Question 6 of 25