15 points. Assume Apple's dividend growth from 2018 to 2019 continues into the future. a. What is Apple's value per share using the dividend growth model? b. What is the dividend growth rate implied in Apple's current share price? c. Apple overvalued or undervalued? What is the main reason for the under-or over-valuation? Hist 2018 $ 233,715 (128,832) (11,257) 93,626 Hist 2019 $215,639 (120,871) (10,505) 84,263 Proj Proj Proj 2020 2021 2022 217,795 219,973 222,173 (119,787) (120,985) (122,195) (10,890) (10,999) (11,109) 87,118 87,989 88,869 Apple Inc Income Statement $ millions Net sales Cost of sales Depreciation Gross margin Operating expenses: Research and development Selling, general and administrative Total operating expenses Operating income Other income/(expense), net Income before provision for income taxes Provision for income taxes Net income (8,067) (14,329) (22,396) 71,230 1,285 72,515 (19,121) $ 53,394 (10,045) (14,194) (24,239) 60,024 1,348 61,372 (15,685) $45,687 (10,890) (15,246) (26,135) 60,983 1,348 62,331 (16,206) (10,999) (15,398) (26,397) 61,593 1,348 62,941 (16,365) (11,109) (15,552) (26,661) 62,208 1,348 63,556 (16,525) Selected Other Items: Dividends Interest Expense (embedded in Other Income/Expense above) 11,561 733 12,150 1,456 12,150 1,456 12,150 1,456 12,150 1,456 15 points. Assume Apple's dividend growth from 2018 to 2019 continues into the future. a. What is Apple's value per share using the dividend growth model? b. What is the dividend growth rate implied in Apple's current share price? c. Apple overvalued or undervalued? What is the main reason for the under-or over-valuation? Hist 2018 $ 233,715 (128,832) (11,257) 93,626 Hist 2019 $215,639 (120,871) (10,505) 84,263 Proj Proj Proj 2020 2021 2022 217,795 219,973 222,173 (119,787) (120,985) (122,195) (10,890) (10,999) (11,109) 87,118 87,989 88,869 Apple Inc Income Statement $ millions Net sales Cost of sales Depreciation Gross margin Operating expenses: Research and development Selling, general and administrative Total operating expenses Operating income Other income/(expense), net Income before provision for income taxes Provision for income taxes Net income (8,067) (14,329) (22,396) 71,230 1,285 72,515 (19,121) $ 53,394 (10,045) (14,194) (24,239) 60,024 1,348 61,372 (15,685) $45,687 (10,890) (15,246) (26,135) 60,983 1,348 62,331 (16,206) (10,999) (15,398) (26,397) 61,593 1,348 62,941 (16,365) (11,109) (15,552) (26,661) 62,208 1,348 63,556 (16,525) Selected Other Items: Dividends Interest Expense (embedded in Other Income/Expense above) 11,561 733 12,150 1,456 12,150 1,456 12,150 1,456 12,150 1,456