B

C

D

E

F

G

H

You expect a company to pay dividends of $$12,$$$15,$ and $$20$ per share over the next $3$ years. You expect the dividend payments to grow at a constant rate of

$5\%$ after that. What would you pay for the stock today if you require a return of $10\%?$

$.$

You ex

and $$2$

the divi

$5\%$

if you

$10\%$

$5\%$

g

$(1)$ Use Excel to fill in the next $500$ cash flows from the stock

$\backslash$table$[[$Year$,$Dividend$],[1,$$$12\mathrm{.}0000$