1) Tesla paid a dividend of $3.40 last year and does not expect any growth in the next year. The firm expects a 5% growth in years 2 and 3, 15% growth in year 4 and then grows at a constant rate of 10% per year. Required: A - What is the maximum price per share that an investor who requires a return of 14% should pay for Tesla's shares? B - Assume that the company expects to pay no dividends for the next 6 years. It has projected a growth rate of 25 per cent over the first 7 years. After 7 years, the company will grow at a constant rate of 5 per cent. Its first dividend to be paid in year 7 will be worth $3.25. If the required rate of return is 24 per cent, what is the share worth today? C - Explain in your own words why the growth rate 'g' must always be less than the rate of return