Question 4 (14 marks) (a) ABC company will pay dividend $20 per share next year and will increase the dividend by 5% per year thereafter. The required return on this stock is 12%, what is the current share price by Gordon Growth Model? (10 marks) (b) A high-tech stock has an odd dividend policy. The stock pays no dividend in every odd year, and a S5 dividend per share in every even year, that is, the dividend pattern in the following years is S0, S5, SO, S5, SO, S5,... onwards. If the required rate of return is 10% per year, determine the stock value today, (4 marks)