1. During the financial year just completed, Bath plc earned 4.25 per share and paid cash dividends of 2.30 per share. Bath plcs earnings and dividends are expected to grow at 20% per year for the next 2 years, after which they are expected to grow at 5% per year to infinity. What is theoretical price per share of Bath plcs shares if therequired rate of return is 12% p.a. on investments with risk characteristics similar to Bath plcs shares?