● 13. A company currently has 1,00,000 shares. The company needs `10,00,000 to finance its new investments. The total earnings of the firm during the current year would be

`10,00,000 and `5,00,000 would be paid by way of dividends. The market price per share at the end of the current year is expected to be `110. If the Cost of Capital is 15%, ascertain the Present Value of a share under M-M Model.