Tinker paid a dividend of 250,000 this year. The current return to shareholders of quoted companies in the same industry as Tinker is 12%, although its expected that an additional risk premium of 2% will be applicable to Tinker, being a smaller unquoted company. Compute the expected valuation of Tinker if:

a. The current level of dividend is expected to continue into the foreseeable future

b. The dividend is expected to grow at a rate of 4% into the foreseeable future

c. The dividend is expected to grow at a 3% rate for three years and 2% afterwards.