23. An ordinary share has just paid a dividend of $3 per share. This dividend is expected to grow at a rate of 6% p.a. for the next three years, after which it is expected to grow at a constant rate of 3% p.a. in perpetuity. The equity cost of capital is 14% p.a. What is the current value of the share?

24. You are evaluating two different projects. Project A costs $50,000, has a 3 years life, and a cash inflow of $20,000 per year for 3 years. Project B costs $60,000, has a 5 years life, and a cash inflow of $17,000 per year for 5 years. The relevant discount rate is 6% p.a. Compute the Equivalent Annual Benefit (EAB) for each project. Which project is preferred?

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