(d) America Ltd has seen dividends per share grow at 5% p.a. recently but expects the growth rate to decline linearly over the next 6 years (period 2H) to 3% p.a. The beta of the stock is 0.8, the risk-free rate is 4.9% p.a. and the market risk premium is 3.1% p.a. The last reported dividend was 0.85 per share. Calculate the intrinsic value of the share