ZQ Limited has earnings of CNY 10 million and is projected to growat a constant rate of 5 percent forever because of the benifitsgained from the learning curve. currently all earnings are paid outas dividends. The company plans to launch a new project two yearsfrom now that would be completely internally funded and require 20percent of the earning that year. The project would startgenerating revenues one year after the launch of the project, andthe earnings from the new project in any year are estimated to beconstant at CNY 5 million. The company has 10 million shares ofstock outstanding. estimate the value of ZQ limited stock. Thediscount rate is 10percent

detailed answer would be nice