Part B Gagah plc is a public-listed company which has managed to increase earnings over the last year. As a measure to maximize shareholders' wealth, the board of directors has increased the dividend payout ratio from 10.0% for the year to December 2017 to 10.5% for the year to December 2018. Gagah plc has a cost of equity of 16%. The dividend growth is expected to be the same for the coming years. The following information is also available: Year to December 2018 2019 RM'000 RM'000 Earnings 2,000 2,500 Ordinary shares 10,000 10,000 The par value of the ordinary shares of Gagah plc is RM1 per share. Required: Calculate the total equity market value of Gagah plc using the dividend valuation model. (7 marks)