The auto maker, Sedan Inc. lost $$0\mathrm{.}85$ per share in $2022.$ You want to value Sedan using the dividend discount model.Sedan does not currently pay a dividend, but you expect it to begin making a profit of $$3\mathrm{.}50$ per share by $2027($or four years from now and to begin paying a dividend at that point. You also forecast a $20\%$ payout rate beginning in $2027$ and a permanent growth rate in subsequent Eps and dividends of $5\%($i$.$e$.,$ beyond $2027).$ Sedan's $$ is $1\mathrm{.}2.$ You decide to use a risk$-$free rate of $3\mathrm{.}75\%$ and a risk premium on the market of $5\mathrm{.}5\%($or an expected return on the market of $9\mathrm{.}25\%).($a$)$ What is Sedan's cost of equity $($or required return on its stock$)?(4$ points$)($b$)$ What is your estimate of Sedan's value using the dividend discount model?