Date	Dividends
Nov 06, 2020	0.205 Dividend
Aug 07, 2020	0.205 Dividend
May 08, 2020	0.205 Dividend
Feb 07, 2020	0.1925 Dividend
Nov 07, 2019	0.1925 Dividend
Aug 09, 2019	0.1925 Dividend
May 10, 2019	0.1925 Dividend
Feb 08, 2019	0.1825 Dividend
Nov 08, 2018	0.1825 Dividend
Aug 10, 2018	0.1825 Dividend
May 11, 2018	0.1825 Dividend
Feb 09, 2018	0.1575 Dividend
Nov 10, 2017	0.1575 Dividend
Aug 10, 2017	0.1575 Dividend
May 11, 2017	0.1575 Dividend
Feb 09, 2017	0.1425 Dividend
Nov 03, 2016	0.1425 Dividend
Aug 04, 2016	0.1425 Dividend
May 05, 2016	0.1425 Dividend
Feb 04, 2016	0.13 Dividend

In this exercise, you will learn how to obtain dividend information and use them to estimate the cost of equity using the Constant Growth Dividend discount model on Excel.

Follow the steps:

1) Download the dividend history for Apple, Inc from 01/01/2016 to 12/31/2020 from Yahoo Finance.

2) Sort in chronologically ascending order (oldest to newest): use Excel filter.

3) Calculate the annual dividends (sum of all dividends in 2016, in 2017, ...)

4) Calculate the annual growth rate of dividend (Refer to Ex 2&3 in the course workbook).

5) Identify the variables (calculate if needed) in the constant growth model with the E(Re) on the left-hand side: D1, P0, and g.

Note: for P0, use the year-end adjusted closing price of 2020.

6) Compute the cost of equity.

For Question number 1 and 2, submit your numerical answer for the growth rate and the cost of equity.

For Question number 3, submit your Excel file. In your Excel submission, please bold in red the growth rate and the cost of equity.