Swink Electric, Inc., has just developed a solar panel capable of generating

200 percent more electricity than any solar panel currently on the market. As a

result, Swink is expected to experience a 15 percent annual growth rate for the

next five years. When the five-year period ends, other firms will have developed

comparable technology, and Swinks growth rate will slow to 5 percent per year

indefinitely. Stockholders require a return of 12 percent on Swinks stock.

The firms most recent annual dividend (D0), which was paid yesterday, was

$1.75 per share.

2.a. (10 points)	Calculate Swink's expected dividends for the next five years and present values of these dividends.
INPUT DATA:
Supernormal growth
Normal growth rate
Req. rate of return
Last dividend (D0)
Supernormal period			years
Expected dividends:				PV of dividends:
D1	1			1
D2	2			2
D3	3			3
D4	4			4
D5	5			5