visit themorningstar.com site to look up AT&T (T) andVerizon(VZ) information.In the 'Dividends' page for AT&T, search for the most recent quarterly dividend based on the 'ex-dividend' date.You will see that it is $0.50. Since companies pay dividends quarterly, it means AT&T has declared it will pay a total of $2.00 in dividends over the next year (or four quarters).In the 'Dividends' page for AT&T, you can see that the company paid a dividend of $1.76 in 2012 and$1.96 in 2017.That implies a dividend growth of about 2.18% over these five years calculated as: (1.96/1.76)^(1/5) - 1.The caret '^' denotes 'raised to the power of' in the mathematical expression.Currently, AT&T stock is trading in the range of $30 to $37 per share.Using the current price for AT&T you see on morningstar, the expected dividend of $2.00, and assuming that the company can maintain the dividend growth of 2.18% per year indefinitely, use the Constant Dividend Growth formula to calculate what the implied rate (discount rate or required rate of return) is for AT&T based on the current stock price.Do the same exercise forVerizon.Which stock has the higher implied discount rate?Does that make sense to you?Which stock appears to be cheaper and why?