Only Hand Written or on Document accepted , No Excel work Accepted , And Do it on ASAP Basis , With Workings

and do not copy , previous answer provided is wrong

5. How can stability of dividend policy be maintained? The following information is collected from the current annual report of XYZ Ltd Earning of firm Rs. 9,00,000 Number of equity shares 1, 50,000 Return on Equity 22.5% Cost of equity 15% What should be the dividend payout ratio so as to keep the share price at Rs. 48 by using Walter Model? Also, determine the optimum dividend payout ratio and the market price of share at the optimum dividend payout ratio. What will the maximum and minimum share price under this model