Al Arabiya Corporation is a growing company in which is expected to pay $3$ SAR,

$4.$SO SAR, and $6$ SAR as dividends per share in the coming three years, respectively. Then, starting from the $4^{***}$ year its dividends are expected to grow at a constant rate of $4\mathrm{.}5\%$ per year forever. Answer following questions assuming Al Arabiya's equity cost of capital is $12\%$ :

a$)$ What would be the expected price of Al Arabiya's shares right after it pays the third year dividend of $6$SAR $?$

$[2$ marks$]$

b$)$ How much would an investor pay for one share of $Al$ Arabiya's equity now, considering the company's current dividend payout scheme provided above?

$[2$ marks$)$

c$)$ List two limitations of using the dividend discount model to value a stock.

$[1$ mark$]$