1. What is the required rate of return for Apple stock? - Apple covariance with the market is 0.71875 - Market variance is 0.0625 - Risk Free Rate *ANNUAL RATE is 3.75\% - The annual market rate of return the last 4 years: 25% 30% 15% 5% 2. What is the sustainable growth rate for Apple stock? - Leverage is 1 - Profitability ratio is 20% - Asset Turnover ratio is 67\% - Apple has a stated policy of 10% share buybacks 3. Apple plans to initiate a $2 dividend/share next quarter. Apple plans to make the 2nd dividend 10% greater than the 1 st, the 3rd dividend 9% greater than the 2 nd, the 4th dividend 8% greater than the 3rd and so on until they hit a steady state quarterly dividend growth rate of 1%. Using this information, the required rate of return from Q1 and the sustainable growth rate from Q2, what is the intrinsic value of Apple stock (per share)