PP Ltd paid a dividend of K250, 000 this year. The current return to shareholders of companies in the same industry as PP Ltd is 12%, although it is expected that an additional risk premium of 2% will be applicable to PP Ltd, being a smaller and unquoted company. Compute the expected valuation of PP Ltd, if: (a) The current level of dividend is expected to continue into the foreseeable future. (b) The dividend is expected to grow at a rate of 4% pa into the foreseeable future. (c) The dividend is expected to grow at a 3% rate for three years and 2% afterwards.