Consider four different shares, all of which have a required return of 15 percent and a most recent dividend of R4,50 per share. Shares A, B, and C are expected to maintain constant growth rates in dividends for the foreseeable future of 10 percent, 0 percent and -5 percent per year, respectively. Share D is a growth share that will increase its dividend by 20 percent for the next two years, and then maintain a constant 12 percent growth rate thereafter.

Now they are asking to Discuss the relationship among the various returns that you have calculated for each of these shares.

Could anyone please help me determine what relationship they are referring too.

The question as worded seems a bit confusing, as it refers to the "various returns", whereas the given info fixes the returns for all four securities at 15%.

What will differ, of course, are the market prices of the securities, given the different growth expectations. It sounds like you've already calculated those prices.

If that's what the question is asking---i.e. the relationship among the differing prices---then that's directly attributable to the differing growth forecasts.