13-13.Anthony and Sarah both invested in the common shares of two very similar companies. In fact, the only difference was that Sarah's stock of Northern Petroleum paid a regular dividend while Anthony's stock of Southern Petroleum repurchased shares instead. On seeing her first (of many) dividend cheques, Sarah promptly declared to Anthony that the dividend meant her stock had superior returns. Based on the data below, show one year out whether Sarah is correct. Southern Petroleum Northern Petroleum Growth rate 6% 6% Cost of equity 10% 10% Earnings $20,000,000 $20,000,000 Shares outstanding 25,000,000 25,000,000 Dividend payout ratio 0% 50% Stock repurchase 50% of earnings 0%