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The Pioneer Corporation currently paid a $3.00 per share dividend on its common stock. Dividends are...

The Pioneer Corporation currently paid a $3.00 per share dividend on its common stock. Dividends are expected to grow forever at 3%, and investors require a 12% rate of return. Pioneer's management is planning to enter new, risky markets to increase its expected dividend growth. However, in response to the increased risk, the investors' required rate of return will increase to 15%. What must be the new value for the dividend growth to justify entering the new, risky markets and to keep the stock price from decreasing?

Please show/explain using excel

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