Question: Please show all work. If using excel please include the formulas. Thanks! A stock has a price (i.e., present value) of $13.00 today. It is

Please show all work. If using excel please include the formulas. Thanks!

A stock has a price (i.e., present value) of $13.00 today. It is expected to pay a dividend of $1 per share next year, $1.10 per share in the following year, $1.20 in the subsequent U years (i.e., pay a dividend of $1.20 in years 3 through year 23 into the future), and then be sold for $15.00 in 23 years. Compute the interest rate or expected return on this stock (i.e., iterate to find the r that sets the sum of the present value of the future expected cash flows equal to the $13 present value).

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