World Berhad has paid a dividend of RM2.35 per share last year. The dividend is expected to grow at a constant rate of 8 percent a year. The required rate of return on the share is 12 percent. Calculate the current price of shares.

(d) Ezzel Corporation issued preferred shares with a stated dividend of 15 percent of par. If the rate of return is 4 percent and par value is RM300, Compute the value of preferred shares.