This year, Zaman Holdings paid its shareholders an annual dividend of RM5 per share. Financial report of the company showed that the company's annual dividend can further grow at the rate of 7% per year for the next 5 years and then level off at the rate of 3% a year thereafter. Based on the variable-growth Dividend Valuation Model (DVM) and a required rate of return of 12%, find the total PV of dividend and find the stock price end of initial growth and find the maximum price that an investor should be willing to pay for this stock.

[Total: 10 marks]