3. The annual dividends paid by the companies on the Johannesburg Securities Exchange is roughly R250 billion. Suppose that the dividends are expected to grow at a steady rate of 3% and the investors required rate of return is 8.0%, what is the present value of the common shares? a. -R5000 billion b. -R17500 billion c. +R5000 billion d. +R17500 billion e. None of the above