General Motors disclosed its annual report for year 2019 in February 2020, with the following data (in $Millions): CONSOLIDATED INCOME STATEMENTS Years Ended December 31, 2019 2018 Net sales and revenue 137,237 147,049 Costs and expenses 131,756 142,604 Operating income 5,481 4,445 Net income (loss) 6,667 8,005 CONSOLIDATED BALANCE SHEETS December 31, 2019 December 31, 2018 ASSETS Current assets Non-current assets Total Assets LIABILITIES AND EQUITY 74,992 153,045 228,037 75,293 152,046 227,339 $ $ Current liabilities Non-current liabilities Total Liabilities Total Equity Total Liabilities and Equity 84,905 97,175 182,080 45,957 228,037 82,237 102,325 184,562 42,777 227,339 Dividends Year 2018 Cash dividends paid Year 2019 Cash dividends paid 12,144) (2,165) General Motors had 1,440 million shares of common stock outstanding in February 2020. Its stock beta is 1.34. The risk-free interest rate Ry was 1.52% and the market return Ry was 5.65%. a. Use the Clean Surplus Model and CAPM to estimate General Motors' stock intrinsic value per share in February 2020, assuming the abnormal earnings will last five years. b. General Motors' stock price was $34/share in February 2020. In March 2020, General Motors stock price plunged to $18/share. Comparing these two prices which one do you think is more consistent with the intrinsic value you calculated in part a? For the price that deviates from the intrinsic value, what are the reasons for such a deviation? Do your own research on what happened to stock market during February March 2020