i$)$ Lorry Ltd has paid the following dividends in recent years:

The dividend for $2020$ has just been paid. The risk$-$free rate of return is $6$ per cent and the market

rate of return is $15$ per cent.

$($a$)$ If Lorry Ltd has an equity beta of $1\mathrm{.}203,$ what will be the market price of one of its shares?

$($b$)$ Discuss the meaning of the term 'equity beta' and explain how the equity beta of a public

limited company may be determined.