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The Blinkelman Corporation has just announced that it plans to introduce a new solar panel that...

The Blinkelman Corporation has just announced that it plans to introduce a new solar panel that will greatly reduce the cost of solar energy. As a result, analysts now expect the company’s earnings, currently (year 0) $1.10 per share to grow by 50 percent per year for the next three years, by 25 percent per year for the following 3 years, and by 7 percent per year thereafter. Blinkelman does not currently pay a dividend, but it expects to pay out 25 percent of its earnings beginning 2 years from now. The payout ratio is expected to become 45 percent in 5 years and to remain at that level. The company’s marginal tax rate is 40 percent. If you require a 21 percent rate of return on a stock such as this, how much would you be willing to pay for it today? Use Table II to answer the question. Round your answer to the nearest cent

Please answer by using the formulas and without using the tables!! Please show steps in each equation.

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