Using Excel, Create a new worksheet for each problem. You must construct a timeline for each problem in Excel. The timeline must include a column for the period, a column for the given cash flow and a column for the present value or future value. Each row represents a period. You must solve each problem two different ways. The first is using a formula (for example, PV = FV/(1+r)^t). The second is using the Excel function (for example, =PV(...)

Question: Apple paid a dividend to its shareholders of $.95 per share in the past year. What is the value of the firm if you expect the dividend to grow by 3.5% per year and require a return of 9%?

Examples of what needed:

\begin{tabular}{lrc|} \hline Future Value & 250,000 & PV=FV/(1+i)t \\ Interest Rate & 5% & 132580.34 \\ Number of Periods & 13 & \end{tabular}