PV of dividends: Givens Inc. is a fast growing technology company that paid a $1.25 dividend last week. The companys expected growth rates over the next four years are as follows: 25 percent 30 percent 35 percent and 30 percent. The company then expects to settle down to a constant-growth rate of 8 percent annually. If the required rate of return is 12 percent what is the present value of the dividends over the fast growth phase?