b) A share is expected to pay its first dividend of $1.20 in three years. After that, the dividend will remain unchanged for the foreseeable future. An investor requires a rate of return of 6% p.a. Using the dividend discount model (DDM), calculate the maximum price the investor should pay for this share. (Round your answer to the nearest cent.) (2 marks)

d) A share is expected to pay a dividend of $2 in 1 year and $3 in 2 years. Then the dividend will grow at 8% p.a. until the end of year 4. After that, the growth rate would become 3% p.a. forever. The rate of return is 11% p.a. effective. Using the dividend discount model (DDM), calculate the value of the share today. (Round your answer to the nearest cent.) (4 marks)