2.1 Indali Ltd is retail company registered in the stock market. This company has just paid an annual dividend of R5 per share. The dividend per share is expected to growth at 10% per year for the next three years and then it will grow by 5% thereafter. Indalis beta is 10% lesser than the market beta. The stock markets expected return and the risk-free rate are 16% and 6% respectively. 2.1.1 Using the CAPM calculate the expected return of Indali Ltd. (5) 2.1.2 Calculate the market value (intrinsic value) of Joy Percy Ltd. (10)