Question 5: (09 Marks) Yardman Limiteds earnings and dividends have been growing at a rate of 18 per cent per annum. This growth rate is expected to continue for 4 years. After that the growth rate will fall to 12 per cent for the next 4 years. Thereafter, the growth rate is expected to be 6 per cent forever. If the last dividend per share was Rs 2.00 and the investors required rate of return on Yardmans equity is 15 per cent, what is the intrinsic value per share (Po)?

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