JTM Tradings earnings and dividends have been growing at a rate of 7.4% per annum. This growth rate is expected to continue for 2 years (i.e. end of 2022 to end of 2023). After that the growth rate will fall to 5% for the next 2 years until the end of 2025. Thereafter, the growth rate is expected to be consistent at 3.5% forever. If the last dividend per share was N$8.00 and the investors required rate of return on JTM Tradings equity is 12%, calculate the following:

4.1. What is the value per share of JTM Trading for the first two years?

4.2. What is the value per share of JTM Trading from 2024 to 2025?

4.3. What is the intrinsic value per share of JTM Trading from 2022 to beyond 2025 (infinite)?

4.4. What is the value per share of JTM Trading if the growth rate remains constant at 7.4% from 2016 to 2023 and beyond (forever)?