The parts a), b), c) and d) below are independent questions which do not relate to each other.

a) An ordinary share just paid an annual dividend of $0.50 and is expected to grow at a constant rate of 3% p.a. for the foreseeable future. The expected rate of return of this investment is 8% p.a. Calculate the value of the share today. Round your answer to the nearest cent. (3 marks)