Mike wants to invest in a business in the manufacturing sector. He needs to understand the value of this company's shares as the recent annual dividend was N$2.50 per share(D0=N$2.50) and the required return is 12%.

Find the market value of Textile CC shares under the following;

15.1. If dividends are expected to grow at a constant annual rate of 8% to infinity. (5 marks)

15.2 Dividends are expected to grow at an annual rate of 5% for each of the next 4 years, followed by a constant annual growth rate of 6% in years 5 to infinity (10 marks)

15.3 Dividends are expected to grow at an annualrate of 0% to infinity