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Sheet: Stock Expected ReturnSheet: Stock Price - Zero GrowthSheet: Stock Price - Constant GrowthSheet: Stock Price - Variable GrowthSheet: Sheet5Sheet: Sheet6Sheet: Sheet7Sheet: Sheet8Sheet: Sheet9Sheet: Sheet10Sheet: Sheet11Sheet: Sheet12Sheet: Sheet13Sheet: Sheet14Sheet: Sheet15Sheet: Sheet16EXPECTED RETURN COMMON STOCKINPUTSLAST DIVIDEND1.25Dollar AmountPRICE OF STOCK45.0Dollar AmountEXPECTED GROWTH RATE0.09DecimalOUTPUTEXPECTED RETURN0.117777777777777770.00.117777777777777770.010.037777777777777780.020.047777777777777780.030.0577777777777777750.040.067777777777777770.050.077777777777777780.060.087777777777777770.070.097777777777777780.080.107777777777777780.090.117777777777777770.10.127777777777777770.110.137777777777777780.120.147777777777777790.130.15777777777777780.140.16777777777777780.150.177777777777777760.160.187777777777777770.170.197777777777777770.180.207777777777777780.190.21777777777777780.20.2277777777777778PRICE OF COMMON STOCK - ZERO GROWTH MODELINPUTSLAST DIVIDEND3.0Dollar AmountEXPECTED RETURN (ROR)0.06DecimalOUTPUTPRICE OF STOCK50.0PRICE OF COMMON STOCK - CONSTANT GROWTH MODELINPUTSLAST DIVIDEND1.17Dollar AmountEXPECTED RETURN (ROR (k)0.136DecimalGROWTH RATE (g)0.081Decimalk must > gOUTPUTPRICE OF STOCK22.9958181818181760.0921.272727272727270.161.578947368421040.1140.34482758620690.1230.0000000000000040.1323.877551020408160.1419.8305084745762660.1516.9565217391304370.1614.810126582278480.1713.1460674157303340.1811.8181818181818180.1910.733944954128440.29.8319327731092430.219.069767441860463PRICE OF STOCK - VARIABLE GROWTH MODELINPUTSLAST YEAR (e.g., 1996)1996.01997.01998.01999.02000.02001.0LAST DIVIDEND1.17GROWTH RATE (g)0.0810.081DecimalEXPECTED RETURN (ROR) (k)0.136DecimalOUTPUTDIVIDENDS1.5211.97732.570492.778699693.0037743648899995PRICE54.61407936163635CASH FLOWS1.5211.97732.5704957.39277905163635PRESENT VALUE39.086783545382380.0939.086783545382380.1114.825906916050390.1174.915344701644760.1255.477375637755090.1343.9776095166706540.1436.3795530306586840.1530.986713240733140.1626.9615844985625870.1723.843071161048690.1821.3563813951059020.1919.327566601384210.217.641150210084030.2116.21746401869233