AVERAGE COST OF EQUITY: 0.07100122208

Current Quarterly Dividends 2021:

11/30/2020	0.41
3/12/2021	0.42
6/14/2021	0.42
9/14/2021	0.42
11/30/21	0.42

Projected Dividend Growth Rate 2022: 1.734215836

Current Price of Stock: 58.33

All Stock Prices:

Date	SPY Prices	KO Prices
1/1/17	207.599	35.0507
2/1/17	215.755	35.3795
3/1/17	215.089	35.7842
4/1/17	218.169	36.704
5/1/17	221.248	38.6774
6/1/17	221.578	38.1501
7/1/17	227.235	39.313
8/1/17	227.898	39.0643
9/1/17	231.342	38.6012
10/1/17	237.969	39.7469
11/1/17	245.243	39.5654
12/1/17	246.954	39.9856
1/1/18	262.206	41.4759
2/1/18	252.672	37.6673
3/1/18	244.766	37.8504
4/1/18	247.016	37.9911
5/1/18	253.021	37.8064
6/1/18	253.339	38.5626
7/1/18	263.904	41.3631
8/1/18	272.327	39.5358
9/1/18	272.712	40.9728
10/1/18	255.016	42.8332
11/1/18	259.746	45.0876
12/1/18	235.501	42.694
1/1/19	255.841	43.3973
2/1/19	264.135	40.8817
3/1/19	267.736	42.2522
4/1/19	279.902	44.622
5/1/19	262.052	44.6857
6/1/19	278.93	46.3138
7/1/19	284.525	48.2428
8/1/19	279.761	50.4519
9/1/19	283.894	49.9019
10/1/19	291.509	50.2575
11/1/19	302.061	49.3065
12/1/19	309.317	51.4887
1/1/20	310.712	54.326
2/1/20	286.114	49.7585
3/1/20	248.923	41.1631
4/1/20	282.182	43.0631
5/1/20	295.626	43.8044
6/1/20	299.551	41.9276
7/1/20	318.588	44.7326
8/1/20	340.824	46.9011
9/1/20	326.755	46.7496
10/1/20	319.883	45.8775
11/1/20	354.679	49.2567
12/1/20	366.258	52.7601
1/1/21	364.071	46.3238
2/1/21	374.194	47.132
3/1/21	389.905	50.7109
4/1/21	411.88	52.3649
5/1/21	414.584	53.6358
6/1/21	422.5	52.4911
7/1/21	434.23	55.7406
8/1/21	447.153	55.0368
9/1/21	424.952	51.2837
10/1/21	456.225	55.5113
11/1/21	452.559	51.651
12/1/21	471.831	58.7602

Use the averaged cost of equity from Part III (viii) as the company's cost of equity for the following: Please come up with the valuation of the stock in each of the following three scenarios: 1. Zero-growth dividends: Assume that annual dividends in the future will stay the same and not grow larger than the sum of all quarterly dividends in 2021. 2. Constant-growth dividends: please estimate the price of the stock for each of the following possible growth rates of the dividends: 1%, 2%, 3%, 4%, and 5%. Which constant growth rate yields the valuation that is closest to the market price? 3. Non-constant growth dividends: Assume that dividends will grow at the rate calculated in Part III (iii) for the next two years and then come down to a lower growth rate, thereafter. Estimate the price using the following second-stage growth rate: 2%. In which scenario is the price you calculated closest to the market price? Which scenario do you think is most applicable for the company? Use the averaged cost of equity from Part III (viii) as the company's cost of equity for the following: Please come up with the valuation of the stock in each of the following three scenarios: 1. Zero-growth dividends: Assume that annual dividends in the future will stay the same and not grow larger than the sum of all quarterly dividends in 2021. 2. Constant-growth dividends: please estimate the price of the stock for each of the following possible growth rates of the dividends: 1%, 2%, 3%, 4%, and 5%. Which constant growth rate yields the valuation that is closest to the market price? 3. Non-constant growth dividends: Assume that dividends will grow at the rate calculated in Part III (iii) for the next two years and then come down to a lower growth rate, thereafter. Estimate the price using the following second-stage growth rate: 2%. In which scenario is the price you calculated closest to the market price? Which scenario do you think is most applicable for the company