You work as a financial analyst at DBSS bank and you want to value Maple's stock. Your colleague has conducted study on Maple and suggested that Maple's dividend will grow at the rate of 15% per year for the next four years, then it will grow at a constant rate of 5% per year perpetually. Maple just paid a dividend of $1.00 per share.The required rate of return of shareholders is 10%.

a) What is the value of Maple's stock based on the discounted dividend model?

b) If the risk-free rate is 2% and market risk premium is 6%. Determine and interpret the beta of Maple.