$1.$ Gibson Co$.$ has a current period cash flow of $$1\mathrm{.}2$ million and pays no dividends, and the present value of the forecasted future cash flows is $$15$ million. It is an all$-$equity financed company with $1$ million shares outstanding. Assume the effective personal tax rate is zero.

a$)$ What is the share price of Gibson stock?

b$)$ Suppose the board of directors of Gibson Co$.$ announces its plan to pay out $50$ percent of its current cash flow as cash dividends to its shareholders. How can Jeff Miller, who owns $1,000$ shares, achieve a zero$-$payout policy on his own?