Walmart paid $8 dividend per share, which will grow 20% for the next three dividends. Afterward, the dividends will level off and grow at 4% per year forever. If the investors require 8% return on similar investments, what is the price of stock?

1. What is the effect of increasing the required return on equity?

2. What is the effect of increasing the first-stage dividend growth rate?

3. What is the effect of increasing the second-stage growth rate?

Include the Excel doc as well as how you found each of them