$3.$ Koyala India, Ltd$.,$ India$$s largest producer of coal, just announced its earnings per share of INR $20$ in $2024,$ along with a cash dividend of INR $15$ per share, which is in line with its policy of $25\%$ earnings retention. Due to the expected growth in the Indian economy, the company is expected to have good investment prospects in the coming future and is likely to have a Return on retained earnings $($RoRE$)$ of $10\%$ for the next $6$ years, after which the growth rate is expected to decline linearly over the following $4$ years to $5\%$ at the end of the $10$th year from now after which it is expected to maintain that level of growth. The company is financed only using equity. The stock is expected to have an asset beta of $0\mathrm{.}9.($The treasury bond rate is $6\mathrm{.}00\%,$ and the market risk premium is expected to be $10\mathrm{.}00\%).$ What would be the growth rate for the two phases? Show the annual EPS and the annual Dividends over a timeline for the entire period until the beginning of the terminal period $($year $0$ to year $11).$ Calculate the discounting rate from the shareholder$$s perspective. Estimate the value of equity using the Dividend Discounting Model, assuming that the firm's dividend policy will remain the same.