It is expected that the after-tax profit of the company next year will be 10 million yuan, and the outstanding ordinary shares will be 5 million.

(1) Assuming that the price-earnings ratio of the company's stock is 12, calculate the value of each share.

(2) 60% of the expected earnings will be used to pay cash dividends, and the interest rate on the stock will be 4%, calculating the value of each share.

(3) Assuming that the growth rate is 6% and the necessary rate of return is 10%, 60% of the expected earnings will be used to pay dividends. The fixed growth model is used to calculate the value of each share.