1. The CFO of Hilo Company proposes that the company follow a residual dividend policy. Hilo's capital structure consists entirely of debt and equity. The debt pays an 8.7% coupon and has a maturity value of $1000. The firm has 5,500 shares of common stock outstanding. Hilo's beta is 1.24, its bonds are rated BBB, and its weighted average cost of capital (WACC) is 14.8%. Its accounts receivable turnover is 12, its accounts payable turnover is 10, and its optimal debt/equity ratio is 0.389. Hilo's expected sales are $3,450,000, its expected earnings before tax is $517,000, and its expected earnings after tax is $310,000. ris 12, its anted-average cmon stock outsi coupon Hilo has the following capital investment opportunities: Project Amount of Expenditure $120,000 $170,000 $230,000 $180,000 IRR 14% 16% 18% 9% If Hilo follows a residual dividend policy, what would be Hilo's expected dividend per share