● Pepsi shares trade on the NASDAQ under the ticker symbol PEP. In 2019, Pepsi was paying a dividend of $3.71 and analysts forecasted a five-year growth rate of 6.95 percent for Pepsi and a 6 percent growth rate for the overall market. Suppose Pepsi grows at 6.95 percent for five years and then at 6 percent thereafter. Assuming a 12 percent discount rate, what value would we place on PEP?