This section contains many parts based on the information provided in below exhibits re Master Inc. The maximum score for this section is six points.

(a) Large financial services technology companies currently provide an expected rate of return of 18%. Axis computing, an established company in the industry, will pay a dividend of $3 per share at the end of this year and its stock is trading at $50. Calculate the expected growth rate of Axis' dividends?

(b)Now, consider the below information provided for Maser, Inc. a company in the same industry as Axis. Estimate the fair price for Master based on Dividend Discount Model.

(c)The consensus estimate for 2021 earnings for Visa is $6.15. Based on the PE model, determine the range of Master's intrinsic value. List all assumptions you made based on the data provided.

(d) An analyst following Master projects that the stock market return will be either 10% or -2% and associates 70% and 30% probability for these events. Calculate the required rate of return by Master based on these assumptions and its Beta. Risk-free rate is expected to be 0.1%.