Rts Co has traded their shares on an efficient market. It is now 20X8 and the company has just paid a dividend of 0.450 per share. Recent dividends (last 5 years) of the company are as follows:

Year	20X8	20X7	20X6	20X5	20X4
Dividend per share,	0.450	0.428	0.408	0.389	0.370

Rts Co has in issue ordinary shares with a nominal value of 0.25 per share.

Rts Co also has in issue loan notes which are redeemable in 7 years time at their nominal value of 100 per loan note and which pay interest of 6% p.a.

The finance director of Rts Co wishes to determine the value of the company.

Rts Co has a cost of equity of 10% p.a. and a before-tax cost of debt of 4% p.a.

The company pays corporation tax of 25% p.a.

Using the dividend growth model, what is the market value of each ordinary share?

What is the market value of each loan note?