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An ordinary share pays half-yearly dividends. The last dividend payment that has just been made was 85p per share. Future dividends are expected to grow at annual compound rates of 5.5% in the first year and 7% thereafter in perpetuity Calculate the maximum with-dividend price per share that an investor should pay in two months' time (4 months before the next dividend payment) in order to achieve an effective gross return of 12% per annum. Total 14 marks] An ordinary share pays half-yearly dividends. The last dividend payment that has just been made was 85p per share. Future dividends are expected to grow at annual compound rates of 5.5% in the first year and 7% thereafter in perpetuity Calculate the maximum with-dividend price per share that an investor should pay in two months' time (4 months before the next dividend payment) in order to achieve an effective gross return of 12% per annum. Total 14 marks]