4. JULPHAR Company has forecasted the expected dividends for 3 years as follows. All values are in Dirhams. The estimated cost of equity capital of the company is 12%. Required: Compute and discuss the intrinsic value of JULPHAR Company's stocks using the discounted dividend model: (a) If you assume that, the dividends will grow at a constant growth rate of 3% after 2026. (b) If the dividend in year 2026 is expected to remain constant for indefinite periods. (c) How much would you be willing to purchase the stock today if you aim to hold the stock for three years, considering a stock price of $33 at the end of the three-year period? (d) If the current market price of the stock is $27.50, explain whether you would prefer to buy and hold the stock for three years. (e) Suppose that the stock is currently trading at $30. Based on your solutions for (a) and (b), will you buy the stock today