1 (50 points) RingFence PLC is a stable growing unlevered firm. Company has long history of dividend payout policy. Required return on its equity in 12%. There are 500 shares outstanding, which are traded today (Jan 1, 2023) at their fair value of $90 per share. In previous year RingFence PLC as always earned its 20% book return on equity. Taking into account equity book value of $20 000 last year RingFence PLC generated $4 000 of Net Income. Corporate income tax of 20% is the only imperfection on the market. RingFence PLC management team follows investment rule which satisfies company's stable growth strategy: every year capital expenditures include compensation of depreciation of existing fixed assets and additional investment of 25% of Net Income. This gives company opportunity to pay out cash dividends every year amounted 75% of Net Income. Yesterday company paid out $3 000 of total dividends. 1.1. Build a table for 3 coming years which include Equity book value, Net Income, Capex (in excess of de