7. Ann Arbor Processing has the following expected future dividends to be paid at the end of the given years: Year 2020 2021 2022 2023 2024... Grow at 4% Dividend 3.00 3.25 3.50 3.75 per year (a) If Ann Arbor Processing's expected return on equity is 9%, calculate the expected price of their stock at the beginning of 2020. [4 points) (b) If Ann Arbor Processing's actual share price is $103.00, then what would you conclude about the actual implied future dividend growth rate? Be quantitatively specific in your answer. [7 points] 7. Ann Arbor Processing has the following expected future dividends to be paid at the end of the given years: Year 2020 2021 2022 2023 2024... Grow at 4% Dividend 3.00 3.25 3.50 3.75 per year (a) If Ann Arbor Processing's expected return on equity is 9%, calculate the expected price of their stock at the beginning of 2020. [4 points) (b) If Ann Arbor Processing's actual share price is $103.00, then what would you conclude about the actual implied future dividend growth rate? Be quantitatively specific in your answer. [7 points]