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3. The Mason Motor Co. has a dividend reinvestment plan in which 30% of common stockholders participate. Last year EPS was $4.20 and its payout

3. The Mason Motor Co. has a dividend reinvestment plan in which 30% of common stockholders participate. Last year EPS was $4.20 and its payout ratio was 42%. There are 2 million shares of common stock outstanding. How much new capital did the firm raise through the reinvestment program?

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