i) ii) iii) An Investment Analyst is predicting that Kesani Ltd will have a 25% per annum supernormal growth I the next two years. After the two years the analyst is not sure whether the growth rate will be constant or there will be no growth. There is a 45% chance of no growth and a 55% chance of a constant growth of 10%. Kesani Ltd last paid a dividend of 8 cents. The required rate of return during supernormal growth is 18% and during normal and no growth is 15%. What is the value of the share: Given no growth Given constant growth The expected value using probabilities of no growth and constant growth. (3 marks) (3 marks)