Question: Apple announced that it is increasing its dividend by 6%, giving the company an annual dividend of $3.28.On December 4, 2020, Apple's beta is 1.30.

Apple announced that it is increasing its dividend by 6%, giving the company an annual dividend of $3.28.On December 4, 2020, Apple's beta is 1.30. Prevailing risk-free rate using the 10-year Treasury Rate is 0.97%.Market risk premium has ranged between 5.3 to 5.7 since 2011.If Apple's dividends continue to grow at 6% into the foreseeable future, estimate Apple's intrinsic value(s) using the constant growth valuation model.

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