Congratulations! You have been hired as a broker for Fidelity Investments. Youve researched to determine the dividend growth rate of Apple is 5% per year to the current dividend price of $3.25 per share. The stock is currently selling for $45.60 per share and you believe the appropriate rate of return is 14% per year.

1. If you expect that the dividend will continue to grow at a 5% rate into the foreseeable future, what is the highest price at which you would recommend purchasing this stock to your clients?
2. If the dividend fell to a 4% growth rate, what is the lowest price at which you would recommend purchasing the stock to your clients? Please show excel functions and how you did this. Thank you