A. Peninsular Berhad is entering into a 4-year remodeling and expansion project. The construction will have a limiting effect on earnings during that time, but when it is complete, it should allow the company to enjoy much-improved growth in earnings and dividends. Last year, the company paid a dividend of RM3.40. It expects zero growth in year 1 . In years 2 and 3,5% growth is expected, and in year 4,15% growth. In year 5 and thereafter, growth should be constant at 10% per year. Required: Calculate the maximum price per share (current year) that an investor who requires a return of 14% should pay for Peninsular Berhad common stock. (12 marks)