The following information is available in respect of a firm:

Capitalization Rate $=10\%$

Earnings per Share $=$ Rs$.50$

Assumed rate of return on investments:

$($i$)12\%$

$($ii$)8\%$

$($iii$)10\%$

Show the effect of dividend policy on market price of shares applying Walter's formula when dividend

pay$-$out ratio is

$($i$)0\%$

$($ii$)20\%$

$($iii$)40\%$

$($iv$)80\%$

$($v$)100\%.$