Flue Ltd. wishes to make a takeover bid for shares of D Ltd., an unquoted company. The earnings of D Ltd. Over the past five years have been as follows: 20X3 20X4 20X5 20X6 20X7 GHc 40,000 57,600 54,400 56,800 60,000 The average P/E ratio of quoted companies in the industry in which D Ltd. Operate is 10. Quoted companies which are similar in many respects to D Ltd. are: B Ltd. has a P/E ratio of 15, but is a company with very good growth prospects. W Ltd. has had a poor profit record for several years and has a P/E ratio of 7 Required Calculate a suitable range of valuations for the shares of D Ltd. (10 marks)