Walter Utilities is a dividend paying company and is expected to pay an annual dividend of $0.65 at the end of the year. Its dividend is expected to grow at a constant rate of 9.50% per year. If Walter's stock currently trades for $12,00 per share, what is the expected rate of return? 954.95% 1,006,88% 921 67% 14.92% Which of the following statements will always hold true? The constant growth valuation formula is not appropriate to use for zero growth stocks It will never be appropriate for a rapidly growing start-up company that pays no dividends at present, but is expected to pay dividends at some point in the future, to use the constant growth valuation formula The constant growth valuation formula is not appropriate to use unless the company's growth rate is expected to remain constant in the future