1a.Colgate-Palmolive Company has just paid an annual dividend of $1.58. Analysts are predicting dividends to grow by $0.16 per year over the next five years. After then, Colgate's earnings are expected to grow per 5.9% year, and its dividend payout rate will remain constant. If Colgate's equity cost of capital is 9.3% per year, what price does the dividend-discount model predict Colgate stock should sell for today? The price per share is $________?(Round to two decimal places.)

1b. Procter and Gamble (PG) paid an annual dividend of $2.94 in 2018. You expect PG to increase its dividends by 7.2% per year for the next five years (through 2023), and thereafter by 2.7% per year. If the appropriate equity cost of capital for Procter and Gamble is 8.8% per year, use the dividend-discount model to estimate its value per share at the end of 2018.The price per share is$_______? (Round to the nearest cent.)

1c.Andrew Industries is contemplating issuing a 30-year bond with a coupon rate of 8.93% (annual coupon payments) and a face value of $1,000.Andrew believes it can get a rating of A from Standard and Poor's. However, due to recent financial difficulties at the company, Standard and Poor's is warning that it may downgrade Andrew Industries bonds to BBB. Yields on A-rated, long-term bonds are currently 8.43%,and yields on BBB-rated bonds are 8.83%. a. What is the price of the bond if Andrew maintains the A rating for the bond issue? (Round to the nearest cent.) b. What will the price of the bond be if it is downgraded?

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