A share in IM will pay a dividend of 1.20 and has a current market price greater than 20. You also know that the expected return on the share is 8%. (i) Using DDM Model explain why this means that the dividend cannot be constant at 1.20 per share. (5 marks) (ii) You then discover that the dividend paid by IM will increase by 4% each year. Calculate the intrinsic value of a share in IM. (3 marks) (iii) If the dividend growth changed from 4% to 2% what would happen to the intrinsic value of the share in IM? (2 marks)