The expected market price of a stock three years from today is likely to be Rs $757$ per share. Currently, the company does not pay any dividends and the first dividend is expected to be paid after two years from today. All earnings are reinvested, and the company's earnings are expected to grow indefinitely at $9$ per cent. For part a$.$ and b$.$ assume the stock is in equilibrium.

a$.$ How much the stock be worth today?

b$.$ If a majority of market experts believe that for the current market price of Rs $757$ per share, the appropriate discount rate on this stock should be $15$ per cent, then how much should the present value $($i$.$e$.$ at t$=0)$ of the first dividend be$?$

c$.$ Use the security market line and graphically illustrate whether the stock is currently mispriced if the risk$-$free rate is $4$ per cent, market risk premium is $12$ per cent, and the stock's beta is $1\mathrm{.}6.$ Label all relevant points clearly on the graph