Suppose that a firm's recent earnings per share and dividend per share are $2.80 and $1.90, respectively. Both are expected to grow at 11 percent. However, the firm's current P/E ratio of 20 seems high for this growth rate. The P/E ratio is expected to fall to 16 within five years. Compute the dividends over the next five years. (Do not round intermediate calculations. Round your final answer to 3 decimal places.) Dividends Years First year Second year Third year Fourth year Fifth year Compute the value of this stock price in five years. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Stock price Calculate the present value of these cash flows using a 13 percent discount rate. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Present value.