8. An investor who is taxed at 40% bought 1000 shares on 30th June 2007 in a company. Income tax is paid annually on 30th September in arrear on the dividends received in the previous calendar year. Dividends are paid annually on 1st January. The last dividend of 10 per share was paid 6 months before the date of purchase. The dividends are expected to rise by 4% each calendar year. Calculate the price paid by the investor if the expected net yield is 10% per annum effective