6. Given, Earnings per share `90, Calculate the market price per share of a company using Gordon’s model when the dividend payout ratio is (i) 30% and (ii) 60%, assuming that:

(a) The company is a growth company (r > k) when r = 20%

(b) The company is a normal company (r = k) when r = k= 15%

(c) The company is a declining company (r < k) when r = 12%
Also comment on the result.