Please answer part C question

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a) It is 31 January 2023 and the managers of XYZ Plc. are considering a change in the company's dividend policy. Earnings per share for 2022 for the company were 50p, and the finance director has said that he expects this to increase to 55 p per share for 2023. The increase in earnings per share is in line with market expectations of the company's performance. The pattern of recent dividends, which are paid on 31 December is as follows: The managing director has proposed that 60 per cent of earnings in 2023 and subsequent years should be retained for investment in research and development. It is expected that, if this proposal is accepted, the dividend growth rate will be 9 per cent. XYZ's cost of capital is estimated to be 11.5 per cent. Calculate the share price of XYZ in the following circumstances. i) The company decides not to change its current dividend policy. ( 9 marks) ii) The company decides to change its dividend policy as proposed by the managing director and announces the change to the market. ( 6 marks) (b) Critically examine the "for" and "against" theoretical views of the Dividend Irrelevance Theory, ensuring the response is supported by relevant academic research in this area. (35 marks) Total for Part C50 marks