18. Dividends and Firm Value The net income of Takamaka Cruises is SCR 32,000. The com- pany has 10,000 outstanding shares and a 100 percent payout policy. The expected value of the firm one year from now is SCR 1,545,600. The appropriate discount rate for Takamaka is 12 percent, and the dividend tax rate is zero. a. What is the current value of the firm assuming the current dividend has not yet been paid? b. What is the ex-dividend price of Takamaka's stock if the board follows its current policy? c. At the dividend declaration meeting, several board members claimed that the dividend is too meager and is probably depressing Takamaka's price. They proposed that Takamaka sell enough new shares to finance an SCR 4.25 dividend. I. Comment on the claim that the low dividend is depressing the stock price. Support your argument with calculations. il. If the proposal is adopted, at what price will the new shares sell? How many will be sold? tolte hae a current period cash flow of SHP 1.2 million