Date	Dividend amount
5/8/2017	0.4
8/8/2017	0.45
11/9/2017	0.45
2/15/2018	0.45
5/9/2018	0.45
8/9/2018	0.48
11/8/2018	0.48
2/21/2019	0.48
5/9/2019	0.48
8/9/2019	0.51
11/8/2019	0.51
2/20/2020	0.51
5/8/2020	0.51
8/7/2020	0.54
11/9/2020	0.54
2/18/2021	0.54
5/7/2021	0.54
8/9/2021	0.59
11/9/2021	0.59
2/17/2022	0.59

Perform the following tasks in Excel:

1. Calculate the annualized dividend growth rate from the five-year dividend history.
2. Using the stock's current price, dividend and growth rate, calculate the cost of retained earnings for your company.
3. Assuming that the average market return over the next five years will be 6%, calculate the cost of retained earnings using the CAPM. Use the actual beta and five-year Treasury yield (risk-free rate) in the model.
4. To get your final estimate of the cost of retained earnings, simply average the results from parts b and c.