Sugar plc has just paid a dividend of 3.50. The company is experiencing rapid growth and expects dividends to grow at 20 per cent per year for the next 4 years before levelling off to 7 per cent in perpetuity. The required return on Sugar plc's equity is 14 per cent. Required: i. Calculate the current share price of Sugar plc. Explain your workings. 20 Marks ii. Explain why dividend growth models depend solely on dividend projections to value equities. Is that a problem in practice? iii. Explain and critically evaluate the validity of the main assumptions underpinning the two-stage dividend growth model. How do these assumptions affect the practical application of the two-stage dividend growth model