Below are earnings per share for Qantas Airways Limited. The required rate of return is 5.87%. The growth rate is forecasted at a constant rate of 2%. Number of share outstanding is 1,491.00. Residual Earnings (RE) Valuation 2020 2021 2022 2023 2024 Comprehensive income to common 158 (1,141) 816 1,499 1,627 Beginning of period CSE 3,433 3,591 2,450 3,266 3,717 Required: Calculate the value per share using the pro forma provided (10 marks) In your opinion, how did the recent pandemic affect the valuation of the company? (5 marks) Calculate the implied growth rate in RE, if the current market price of the stock is $8.12. (5 marks) In the context of investment decision-making, what are the advantages of using the reverse-engineering approach instead of computing the intrinsic value? (5 marks)