The required rate on the shares in the companies identified in (a) to (c) below is 15 per cent per annum. Calculate the current share price in each case.

A)Reduction Ltd's current dividend per share is 60 cents. The dividend of the company has been growing at 12 per cent per annum in recent years, a rate expected to be maintained for a further 3 years. It is envisaged that the growth rate will then decline to 5 per cent per annum and remain at that level indefinitely.