Investors require a $12\%$ return on the stock of Money Spinners Corporation $($MSC$).$ MSC has just paid a R$2\mathrm{.}50$ per share dividend. The dividend is expected to grow by $16\%$ until the end of year $4$ and $8\%$ thereafter.

a$.$ Calculate the dividends for year $1$ throughout to year $4.(4)$

b$.$ Calculate the present value of dividends calculated in $($a$)$ above. $(4)$

c$.$ What is the present value of future dividends? $(5)$

d$.$ What is the value of the stock? $(2)$