$3)$ Mercadolibre is an Argentinian based online shopping platform partially owned by Amazon. The company has had moderate success growing their topline at a steady rate of $30\%$ while maintaining $18\mathrm{.}5\%$ net margins that they expect to maintain for the next three years. In year $4,$ residual income is expected to grow at $7\mathrm{.}2\%$ indefinitely. In FY $2018$ they generated ARP $25,458,900,000$ in revenue while their balance sheet showed that they had ARP $96,236,000,000$ in assets while also having ARP $53,987,120,000$ in liabilities. The company maintains a dividend policy of $4\mathrm{.}2\%.$ The required return on equity is $13\mathrm{.}65\%.(12$ pts$)$

a$.$ What is the initial Book Value of Mercadolibre? $(2$ pts$)$

b$.$ What is the residual income in $2019?(4$ pts$)$

c$.$ What is the value of the company in $2018?(4$ pts$)$

d$.$ What would be a problem with using the residual income model for Mercadolibre? $(2$ pts$)$