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Discuss different groups of investors who would prefer higher dividend payout against those who would prefer a lower but consistent payout. (4 Marks) Question 4 (25 Marks) PQR Company has a capital project of $700,000 for 2017. The Debt: Equity ratio of 45:55 will be maintained. Other relevant information is as follows:- Cost of debt = 10% p.a. Current market share price = $22 Latest dividend/share paid was $1.50 Growth rate is assumed to be 8% Flotation cost (issue of new shares) = 15% Expected before tax annual earnings = $480,000 • Payout ratio=40% Tax rate = 20% Required (a) Calculate the relevant weighted average cost of capital for PQR Company (show all necessar working). . Question 5 (20 Marks) Golden Corporation is evaluating two investment opportunities. The company's cost of conital 15