11. The expected before-tax incomes (consisting of dividend and capital gains) on shares of firms X, Y and Z are given below:

Share Dividend income Capital gain (R) (R) Y Z X 0 5 10 10 5 0 Suppose that the current price of each share is 60. Further, an investor is in 50 per cent tax bracket and capital gain tax rate is 20 per cent. Which share will give highest after-tax return to the investor? Now suppose that the each share was expected to have expected after-tax yield of 12 per cent for the investor. Determine the price of each share.