a) ABC Ltd is not expected to pay any dividends for the next 3 years. Then the expected dividend is $0.70 per share, which will continue to grow at a constant rate of 25% per annum for another 3 years. After that, the dividend will grow indefinitely at 4% per annum. If the rate of return is 10% per annum, what is the current value of a share in ABC Ltd? (3 marks) b) If the discount rate is 8%, what is the current value of a preference share with $5 dividends perpetually? (1 mark) c) Describe three differences between ordinary shares and preference shares. (3 marks) d) Describe three different forms of efficient market hypothesis. (3 marks)