4. Vandelay Industries, a latex company, just paid $7.40 per share in annual dividends (ie. D0 = $7.40), and has historically grown that amount by 5% a year. What is the current value of the stock to an investor who requires a 12.5% return under each of the following scenarios? a) Dividends continue to grow at the historical rate (ie. 5%) b) The dividend growth rate is expected to permanently increase to 7% c) The dividend growth rate is expected to permanently decreaseto3%