The details regarding three companies are given below:

X Ltd	Y Ltd	Z Ltd.
r = 12%	r = 8%	r = 10%
Ke = 10 %	Ke = 10 %	Ke = 10 %
E = Rs. 100	E = Rs. 100	E = Rs. 100

Compute the value of an equity share of each of these companies applying Walters formula when the dividend pay-out ratio is (a) 0%, (b) 20%, (c) 40%, d) 60%