(a)How would you differentiate between Market value, Book value and Liquidation value of common stock?

(b) Fair Co has an odd dividend policy. The company has just paid a dividend of $3.5 per share and has announced that it will increase the dividend by $4 per for the next year and the same growth pattern will follow for further three years. Additionally, it will then never pay another dividend. If you require an 11% return on the company's stock, how much will you pay for a share today?