2. Imagine that at some future date, a company (Maskerade) will start a new venture making PPE. As of that date, the company will have 150,000 shares outstanding. Earnings will be 1,200,000 at the end of year 1 and 2,000,000 at the end of year 2. An investment outlay of 500,000 at the end of year 1 has already been committed. The company is all-equity financed with a required rate of return of 12% and will be liquidated after 2 years. Assume that the firm operates in a world with perfect capital markets. The firm's policy is to pay out any surplus cash as dividends. a. What is the current (year 1) share price of the company's stock? b. Private Ventures Ltd. owns 15% of the company and wants an income from the firm of 50,000 at the end of year 1. Show how they can achieve this (without a change in C. the firm's dividend policy). What percentage of the firm will they own after the end of year 1 following this strategy? How can Private Ventures obtain the same income as in part b by changing the current dividend policy of Maskerade? How many shares will Maskerade have outstanding at the end of year 1 under the new policy? What percentage of the firm will Private Ventures own at that time