Please see attachment. There are 6 questions. If possible, please use EXCEL to answer questions and provide explanation for how you got to those answers.

1. Suppose a fast growing company paid a $1 dividend per share this year that is expected to grow by 20% for three years. Afterwards, the dividend growth rate will be 7% per year indefinitely. If the required rate of is 9%, calculate the value of this stock. 2. United Technologies Inc. (UTX) earned $4.27. The projected five-year EPS growth is 13% and a typical P/E ratio is 16. Compute the stock price projected for UTX in five years. 3. McDonald's Corp. (MCD) recently paid a $1.50 dividend per share, reported EPS of $3.40, and has a typical P/E ratio of 17. EPS growth of 11.5% per year is expected. Assuming a constant payout ratio, calculate the three-year total rate of return anticipated by MCD buyers at a recent share price of $56.50. Is MCD fairly priced for growth investors with a 15% required rate of return? 4. Drug giant Merck & Co. (MRK) was recently expected to earn $3.20 per share, pay a $1.60 dividend, and earn a 25% return on shareholders' equity (http://finance.yahoo.com/). If a reasonable risk-adjusted discount rate for MRK is 15%, use the constant growth model to calculate the highest P/E ratio aggressive growth-stock investors would be willing to pay for MRK. Would MRK appeal to growth at a reasonable price investors? 5. For the NYSE and NASDAQ, compute market breadth (advance-decline ratios) and up-down ratios, and new high-low ratios based upon recent trading day Market Overview information. a) Is this information bullish or bearish? b) Compute TRIN ratios for the NYSE and NASDAQ on a recent trading day and give a technical interpretation. NYSE NASDAQ Advances 128 1,174 Declines 2,108 1,754 Unchanged 80 122 Up Volume 2,336 1,559 Down Volume 3,760 2,463 Unch. Volume 163 259 New Hi's 53 36 New Lo's 509 386 6. For a high-income investor in the 40% tax bracket, compute the taxable equivalent yield for a muni bond yielding 5%. Calculate this same value for a middle-income investor in the 30% tax bracket