22. For a firm A Ltd, the earnings amount to $2,00,000 for the year. The firm has equity capital of 100,000 of 10 each and the cost of equity is 10%. The firm expects to earn 9% return under unfavourable condition and 12% return under favourable conditions. Compute the price of the shares under Gordon's Model under favourable and unfavourable conditions, if it decides to have pay-out ratios of 50% and 100%. [10] 23. Explain the Net Operating Income Approach with the help of a diagram. [10]