Antipodean Credit $($AC$),$ a large financial service firm, recently reported the

following year$-$end results $($in millions, except per share data$)$:

Net Income

$14,000$

Earnings per share $($EPS$)$

$$5\mathrm{.}00$

Dividends per share $($DPS$)$

$$2\mathrm{.}86$

Book Value of Equity

$62,000$

Shares Outstanding

$2,800$

These results reflect AC$$s first year of earnings growth following an extended period of depressed earnings caused by a recession in Australia and New Zealand. The company is expecting this recovery in earnings growth to continue for the next five years before transitioning $($linearly$)$ to stable growth of $4\mathrm{.}0\%$ per annum in ten years$$ time.

AC$$s beta is expected to be stable at $1\mathrm{.}1$ throughout. The risk free rate and the market risk premium are expected to be $2\mathrm{.}0\%$ and $5\mathrm{.}0\%,$ respectively.

$($i$)$ Use the dividend discount model $($DDM$)$ to estimate AC$$s share price. State any assumptions.