(10) The board of Aramark Catering Co. has experienced a drop in demand for its services and announced today it will reduce its annual dividend distribution by 10 cents per year until it pays a constant $2 per share annually going forward. Very recently the company paid a $2.20 per share dividend, and (before the announcement) it had been expected to pay a dividend next year of $2.30 with a 4% growth rate. If investors presently expect an 8 percent return on the firm, at what price should one share of this stock... (a) have been valued before the announcement, (b) be worth in the markets right now? And... (c) be worth next year given the news