Watchlight ASA has 4 million shares with a market value of NOK 50 per share on 01.01.2020. Expected earnings this year (2020) is NOK 30 million after tax. Watchlight is financed by equity only. The shareholders are expecting 15% return on their investment in Watchlight after tax. The corporate tax is 20%, there are no personal taxes. Watchlight pay all earnings after tax in dividend on 31.12.2020. a) What is the expected market value of the shares on 31.12.2020, just after dividend is paid? b) What is the expected market value of the shares on 31.12.2020, if the company retain all earnings? c) What is the expected market value of the shares on 31.12.2020, just after the dividend is paid if the company were exempted from taxes? Assume all other variables unchanged