We provide information below: Royal Bank: Dividend Per share by Quarter in Canadian Dollars ($) Q1 Q2 Q3 Q4 2015 0.75 0.77 0.77 0.79 2016 0.79 0.81 0.81 0.83 2017 0.83 0.87 0.87 0.91 2018 0.91 0.94 0.94 0.98 2019 0.98 1.02 1.02 1.05 2020 1.08 1.08 1.08 1.08 2021 1.08 1.08 1.08 1.08 2022 1.20 1.20 1.20 1.20 TD Bank: Dividend Per Share by Quarter in Canadian Dollars ($) Q1 Q2 Q3 Q4 2015 0.47 0.51 0.51 0.51 2016 0.51 0.55 0.55 0.55 2017 0.55 0.60 0.60 0.60 2018 0.60 0.67 0.67 0.67 2019 0.67 0.74 0.74 0.74 2020 0.79 0.79 0.79 0.79 2021 0.79 0.79 0.79 0.79 2022 0.89 0.89 0.89 0.89 Other Information RY TD Recent Price of Stock $ 135.35 $ 100.35 Annual Profit 2021 $16.1 Billion $14.7 Billion Dividend Payout Ratio 39.4% 40.6% ROE 16.7% 15.5% 2022 Annual Dividend Est. $ 4.80 $ 3.56 Required: A. The market expects this pattern of dividend increases to continue therefore, calculate the cost of equity for RY and TD. Show all work in detail. B. If both banks were not planning to raise external financing, then what will their respective growth rates be? Show all work in detail. C. Identify some advantages and disadvantages of the Dividend growth model. D. Given results above, would you recommend or not recommend either, neither or both as an investment instrument and why? E. Given what you learned about TD share prices in Assignment 2, what additional comments would you make now, with this new information? F. Given recent global events, what caveats or conditions might you add to