The following table shows the past profits of Company X that has just come for sale to the public this month:

Year	Profit (in thousands $)
2018	140
2017	130
2016	110
2015	120
2014	100

Assuming the historical average growth rate (g) of profit is 9.36% and a discount rate of 12%,

14. The PV after current profit has been paid out as dividend based on a 5-year investment holding period is :

a) 4,970.91 b) 4,411.96 c) 120 d) 558.95

15. The PV before current profit has been distributed as dividend based on a 5-year investment holding period is:

a) 678.95 b) 558.95 c) 5090.91 d) 5,531.96