1. APPLE, Inc. just paid a dividend of $2.50 per share. The dividends are expected to grow for the next 3 years at 8% per year, then grow at 3% per year forever. The required rate of return for APPLE stock is 12% per year.
   1. What should the market price of APPLE stock be?
   2. What should the ex-dividend stock price of APPLE be in year 2?
   3. If you purchased the share of APPLE at time 2, at the price you calculated in b), and held it for one year, what should the return on investing in APPLE stock be? What portion of that return comes from dividends, and what portion from capital gain?
   4. What is the ex-dividend stock price of APPLE at time 3? What does this value represent

Please show work and do it in excel.