(a) What is dividend yield and how is it calculated? [2 marks] (b) Table 1 below displays extracts on the financials of Apple Inc. These were obtained from Value Line (an independent investment research firm based in New York City) YLD (%) DIV growth (%) EPS (expected for 2019) 1.19 0.10 11.65 P/E 15.30 Return on Equity (%) 55.60 Table 1: Financials of Apple Inc for year end 2018. Extracted on December 3rd 2019. Use the information from Table 1 to answer the following: (i) What is the investors required rate of return (r)? Hint: Assume you can use the constant dividend growth model. [2 marks] (ii) Use the price earnings ratio to find the estimated 2019 price of Apple Inc. [1 marks] (iii) Use your answer in part b) ii) to find the price of Apple Inc at year end 2018. [2 marks] (iv) Use your answer in part b) iii) to find the estimated dividend per share of Apple Inc for 2019. Then use the result to work out the estimated dividend growth rate. [3 marks]