Version A 20. According to the dividend discount model, the current value of a stock is equal to: A. the present value of all expected future dividends. B. the sum of all future expected dividends. C. the next expected dividend, discounted to the present D. the discounted value of all dividends growing at a constant rate. E. none of the above. 21. Resnick project's payback? Inc, is considering a project that has the following cash flow data. What is the Year Cash flows $350 $200 $200 $200 A. 1.42 years B. 1.58 years C. 1.75 years D. 1.93 years E. 2.12 years 22. Calculate the NPV for a project with the following cash flows using a 1 5% required return: Year Cash flow $3000 500 1500 5000 A. $5,000 B. $2,352 C. $3,201 D. $1,857 E. $1,355