1. A company distributed in 2020 a semi-annual dividend of $0.15 per share. Considering that it is expected that the payments will be uniform in both semesters:

a) Determine the dividend yield if the price per share on January 1st, 2020 was $28.

b) The earnings per share in 2020 were forecasted to be around $1.25. What was the payout ratio?

c) Assume that in 2020 the company paid a share dividend of 10%. What would be the expected decrease in the Price of shares?

d) If ROE equals 10%, and the payout remains constant in time. What would be the dividend yield in 2021?