A) If Apple is expected to pay a dividend of $3 next year, and it is expected to grow at a rate of 2%. If Apples cost of capital is 15%, what is a fair price for Apple? 4.

B) If instead, we assume that Apple will grow at 15% in the next 2 years, then drop down to 10% in the 3rd year, and finally reach a steady growth rate of 3%. If the cost of capital is 15% and this years dividend is $4, what is a fair price of Apple?