By using the Dividend Discount Model, a. For 2021, MCD paid a dividend of $5.52 per share. If the company expects to grow at a rate of 20% for the next 3 years, 15% the next 2 years and after that 9.5% for the long run, how much should an investor expect to pay for the stock? (15 marks) b. If the current stock price of MCD is $225.39, would you recommend your investors to acquire the companys shares? (5 marks)

Could you please show detail for P0 solving? The question doesn't give the expected rate of return(Ke) and how did you find that?