Calculate the intrinsic value of GE in each of the following scenarios by using the three-stage growth model of Spreadsheet 18.1. Treat each scenario independently.

a. The terminal growth rate will be 10.90%. (Round your answer to 2 decimal places.)

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I A B 1 Inputs for GE 2 beta 1.1 3 mkt_prem 0.08 4. rf 0.025 5 k_equity 0.1130 6 term_gwth 0.060 7 8 9 10 11 12 Value line 13 forecasts of 14 annual dividends 15 16 17 Transitional period 18 with slowing dividend 19 growth 20 Beginning of constant 21 growth period D Year 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 E F G Dividend Div growth Term value 1.04 1.23 1.41 1.60 1.85 0.1544 2.11 0.1450 2.40 0.1355 2.70 0.1261 3.02 0.1166 3.34 0.1072 3.67 0.0978 3.99 0.0883 4.31 0.0789 4.61 0.0694 4.89 0.0600 5.18 0.0600 103.57 H Investor CF 1.04 1.23 1.41 1.60 1.85 2.11 2.40 2.70 3.02 3.34 3.67 3.99 4.31 4.61 4.89 108.75 2031 2032 35.70 = PV of CF E17*(1+ F17)/(B5 - F17) NPV(B5,H2:H17) I A B 1 Inputs for GE 2 beta 1.1 3 mkt_prem 0.08 4. rf 0.025 5 k_equity 0.1130 6 term_gwth 0.060 7 8 9 10 11 12 Value line 13 forecasts of 14 annual dividends 15 16 17 Transitional period 18 with slowing dividend 19 growth 20 Beginning of constant 21 growth period D Year 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 E F G Dividend Div growth Term value 1.04 1.23 1.41 1.60 1.85 0.1544 2.11 0.1450 2.40 0.1355 2.70 0.1261 3.02 0.1166 3.34 0.1072 3.67 0.0978 3.99 0.0883 4.31 0.0789 4.61 0.0694 4.89 0.0600 5.18 0.0600 103.57 H Investor CF 1.04 1.23 1.41 1.60 1.85 2.11 2.40 2.70 3.02 3.34 3.67 3.99 4.31 4.61 4.89 108.75 2031 2032 35.70 = PV of CF E17*(1+ F17)/(B5 - F17) NPV(B5,H2:H17)