Problem 9-12 Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section. Procter and Gamble (PG) paid an annual dividend of $2.87 in 2018. You expect PG to increase its dividends by 8% per year for the next five years (through 2023), and thereafter by 3% per year. If the appropriate equity cost of capital for Procter and Gamble is 8% per year, use the dividend-discount model to estimate its value per share at the end of 2018. $2.87 5 Annual dividend Number of periods (years) Expected growth rate through 2023 (equal to Cost of capital) Expected growth rate thereafter 2023 8% 3% =PVC PV of dividends through 2023 PV of the rest of the dividends in 2023 PV of the rest of the dividends in 2018 Value per share of P&G Requirements 1. Start Excel - completed. 2. In cell Ell, by using cell references, calculate the present value of dividends through 2023 (1 pt.). 3. In cell E12, by using cell references, calculate the present value of the rest of the dividends in 2023 (1 pt.). 4. In cell E13, by using cell references and the function PV, calculate the present value of the rest of the dividends in 2018 (1 pt.). 5. In cell E14, by using cell references, calculate the value per share of Procter and Gamble at the end of 2018 (1 pt.). 6. Save the workbook. Close the workbook and then exit Excel. Submit the workbook as directed