Using the information below, what is the required return on stock "X" (under the CAPM)? Also, tell me whether it is under- or over-valued.

Expected return via DCF analysis, given current stock price

Stock X: 0.12

S&P500 0.065

T-bills (Treasuries) 0.035

Standard deviation of returns

Stock X: 0.29

S&P500 0.15

T-bills (Treasuries) 0

Covariance of returns with S&P500 returns

Stock X: 0.037

S&P500 0.0225

T-bills (Treasuries) 8

The following is relevant for the next three questions (i.e. 22, 23, and 24). Given a cost of capital of 10% and the following time line

time 0 1 2 3 4 5 6 7 8 9

FCFF -$130 $20 $20 $20 $20 $20 $20 $30 $30 $30

Please note that the cash flow in year zero is NEGATIVE.

What is the NPV of the above project?

What is the IRR of the above project?

What is the MIRR of the above project?

Assume Apple (AAPL) just finished paying an annual dividend of $2.08. You look up their beta and it equals 1.1, implying it's slightly more risky than the market portfolio. The current risk-free rate equals 2%. Assume a market risk premium of 5%. Apple's current stock price is $120. Assuming investors expect Apple to grow at a constant rate in perpetuity, what is that growth rate expectation?