Professor Slegel is correct that stocks are less risky than bonds, then the risk premium on stock may be zero. Assuming that the risk- free interest rate is 4 percent, the growth rate of dividends is 3 percent and the current level of dividends is $18, use the dividend discount model to compute the level of the S&P 500 that is warranted by the fundamentals Instructions: Enter your response rounded to the nearest penny (two decimal places) The level of the S&P 500: $