InterContinental Hotels Group operates 18 hotel brands across the midscale through luxury segments. They include: Holiday Inn, Hotel Indigo, Avid, Klimpton, and others. The dividend yield trailing twelve months is 0.784%, and its current market price per share is USD $50.89. InterContinental Hotels Groups year to date return is -25.89%.

date	Price per share (USD $)	Dividend per share (USD $)
2019 Dec	68.87	1.18
2018 Dec	56.82	1.1295
2017 Dec	67.17	1.0292
2016 Dec	50.24	1.0884
2015 Dec	50.65	1.0488
2014 Dec	53.08	0.9735

Part a. Calculate according to the Constant Growth Model, InterContinentals growth rate using the provided historical data.

Part b. Suppose IHG is expected to grow at the rate calculated in Part a. for 3 more years, and thereafter, grow at a rate of 5% for the foreseeable future. What is the current value of IHG common stock to an investor who is able to earn 5.8% from investments with a similar level of risk? The beta of IHG is 0.92.