A company generated RM1.5 million earnings distributable to common shareholders last year. The companys earnings are expected to grow at 5% per year forever. So far, youve learnt that the company has a beta of 1.5, and the risk-free rate of return is 3%, with annual expected return on the market is 10%. The company has 3 million shares of common stock outstanding. The firm do not wish to issue any additional common stocks in the near future financial period. Furthermore, the company is expected to have a dividend pay-out ratio of 40% on its common stock. Using the Capital Asset Pricing Model (CAPM) to estimate the required rate of return, compute the intrinsic value of the companys common stock. (15 marks)