On January 2, Fred paid $18,000 for 900 shares of common stock of Acme Company. Fred received an $0.80 per share dividend on the stock at the end of each year for four years. At the end of four years, he sold the stock for $22,500. Fred has a goal of earning a minimum return of 12% on all of his investments. Using net present value, did Fred earn a 12% return on the stock? You need to give the formula you are using in words and then show substitution