19. A prospective investor is evaluating the share of Ashoka Automobiles Company. He is considering three scenarios. Under the first scenario the company will maintain to pay its current dividend per share without any increase or decrease. Another possibility is that the dividend will grow at an annual (compound) rate of 6 per cent in perpetuity. Yet another scenario is that the dividend will grow at a high rate of 12 per cent per year for the first three years; a medium rate of 7 per cent for the next three years and thereafter, at a constant rate of 4 per cent perpetually. The last year's dividend per share is 3 and the current market price of the share is 280. If the investor's required rate of return is 10 per cent, calculate the value of the share under each of the assumptions. Should the share be purchased?