Fletcher Corporation just paid a dividend of D$0=$ $$4\mathrm{.}75.$ Analysts expect the company's dividend to grow by $30\%$ this year $($Year $1),$ by $10\%$ in Year $2,$ and at a constant rate of $5\%$ in Year $3$ and thereafter. The required return on this low$-$risk stock is $9\mathrm{.}00\%.$ a$.$ Describe the Dividend Growth Model $($DGM$)$ and how it is utilized to estimate the current market value of a stock, especially when the dividend growth rate varies over time. $(4$ marks$)$b$.$ Calculate the expected dividends for Years $1,2,$ and $3.(3$ marks$)$c$.$ Calculate the intrinsic stock price. $(4$ marks$)$