It is July 2020 and Bundle Box Company Box Company has just paid an annual dividend of $ 1.20 a share. The dividend is expected to increase by 20% in July 2021, 15 % in July 2022, 10% in July 2023 and thereafter by 5% a year forever from July 2024 onwards. Investors require a 12 % per annum return on company shares.

A)What would a share in Natural company be expected to sell for today (July 2020)?

B)Draw a timeline showing all the expected cash flow.