3. Tesford PLC has estimated net cash flows from operations (after interest and taxation) for the next five years as follows: Year 1 3m 2 12m 3 5m 4 6m 5 5m Net cash flows ($) The cash flows have been calculated before the deduction of additional investment in fixed capital and working capital. This amounts to $2m in each of the first two years and $3m for each year thereafter. The firm currently has a cash balance of $500,000 which it intends to maintain to cope with unexpected events. There are 24 million shares in issue. The directors are committed to shareholder wealth maximisation. Required: A. Calculate the annual cash flows available for dividend payments and the dividend per share if the residual dividend policy was strictly adhered to.