The following table provides forecasted earnings and dividends per share for XPQ Manufacturing Inc. from 2001 to 2005. Beyond the forecasted period, the residual earnings are expected to grow at 5% indefinitely. If the current required rate of return is 9%, calculate the Return of Capital Employed (ROCE) for each year from 2001-2005 and the value per share at the end of 2000. (15 marks)

2000 2004 EPS DPS BPS 2001 2.41 1.11 9.8 2002 3.45 1.13 12.12 2003 2.52 1.14 13.5 2.71 1.15 15.06 2005 2.93 1.18 16.81 8.5