17. Simco Ltd. is thinking of reorganization of its operation and evaluating two situations. As a part of its major reorganization of its operation, it has stated that it does not intend to pay any dividend for the next two years. In three years time it will commence paying dividend at Rs. 8 per share and the Directors have indicated that they expect to achieve dividend growth at 10% p.a. thereafter. If the reorganization does not take place, dividend will be paid in the next two years and the expected dividend growth will remain at the present level of 5% p.a. The firms cost of equity capital is 15% and will be unaffected by the reorganization. The company has just paid a dividend of Rs. 10 per share. Calculate the value of firms share in both the situation.