Please not the required rate of return is 11 %

Question 4 (15 Marks) You are an investment analyst, currently considering some investments. You have analysed the company's financial statements and observed the following. Recently reported earning Recent reported dividend Number of shares outstanding Firms earning growth Company X $200 million $60 million 50 million Company Z $150 million $40 30 million 5% 7% a) Calculate company payout policy for each firm. b) Calculate earnings per share and dividend per share for the respective firms c) If the growth is to be sustained into foreseeable future, what is the value of the shares. d) What main assumptions used to value a stock using constant growth dividend discount model