(3) By using the Dividend Discount Model, a. For 2020, Gajah paid a dividend of $0.14 per share. If the company expects to grow at a rate of 5% for the next 3 years, 4.5% the next 2 years and after that 3.25% for the long run, how much should an investor expect to pay for the stock? (15 marks)

b. If the current stock price of Gajah Technologies is $2.1232, would you recommend your investors to acquire the companys shares? (5 marks)

(Total 20 marks)