12. VZ shares have declined significantly to 26.90. What is the required rate of return if the next dividend will be $1.38 and the projected growth rate decreases to 2.5%? (7 points) risk free rate: 1.75% expected rate of return for the market: 9.5% Beta of VZ: 0.88 VZ total debt, interest and shares issued can be found in VZ financial statements assume market value of all debt is 100% of face(par) value. tax rate is 20% VZ stock price: $55 initial investment: 4,500,000 year 1 cash flow: 1,100,000 year 2 cash flow: 1,200,000 year 3 cash flow: 1,350,000 year 4 cash flow: 1,550,000 year 5 cash flow: 1,750,000 please show steps Without Excel