Complete all questions below relating to Sharedspace Ltd, a listed company in the commercial real-estate industry. (a) An analyst has collected the following information and wants to estimate the value of Sharedspace's shares using the dividend discount model: Sharedspace currently pays no dividend. . Sharedspace is expected to pay an annual dividend of $1 per share three years from today. Sharedspace's dividends are expected to grow by 4% per year indefinitely thereafter. The cost of equity is 8%. . The cost of debt is 5%. The after-tax weighted average cost of capital is 6%.. . The marginal corporate tax rate is 30%. Using the dividend discount model and the information above, the per share value is $ Note: Please provide your answer with one decimal point in the format of xx.x (for example, if the answer is $1.23, type in 1.2). (b) Ten brokerage firms issue independent analysts' forecasts and valuations of Sharedspace. The median of independent analysts' valuations is $20 per share. Suppose that a Sharedspace share is trading at $22. Based on the median of these independent analysts' valuations, Sharedspace's shares are currently Select alternative the market. fairly-valued over-valued under-valued Maximum marks: 6