Payall Inc., Payless Inc., and Paynone Inc. are equally risky. They follow a 100-percent, 50-percent, and zero

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Payall Inc., Payless Inc., and Paynone Inc. are equally risky. They follow a 100-percent, 50-percent, and zero payout policy, respectively. The expected share prices at dates 0 and 1 for Paynone Inc. are \($100\) and \($125.\) The market prices are set so that their after-tax expected returns are equal. What should the current share prices of Payless Inc. and Payall Inc. be? Assume the marginal personal tax rate on dividends is 25 percent, and the effective tax rate on capital gain is zero.

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