Suppose that a firm’s recent earnings per share and dividend per share are $4.00 and $3.00, respectively. Both are expected to grow at 8 percent. However, the firm’s current P/E ratio of 21 seems high for this growth rate. The P/E ratio is expected to fall to 17 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 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 10 percent discount rate. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Present value $