(A) Using the Dividend Discount Model Step 1: Find the discount rate: Following industry practice when apply the CAPM model; we will use Treasury bill rate of 4% and a historical stock market risk premium of 7% to find PG's discount rate. Examine the Procter & Gamble's financial report, find the beta value and then apply all values to the CAPM to estimate the discount rate for PG. Step 2: Find the sustainable growth rate, g, using Retention Ratio calculated based on data in 2022. Step 3. Estimate P2023 assuming the D2023 has not been paid yet.