30. Dividends and taxes Suppose that there are just three types of investors with the following tax rates: Individuals Corporations Institutions Individuals invest a total of $80 billion in stock and corporations invest $10 billion. The remaining stock is held by the institutions. All three groups simply seek to maximize their after-tax income. These investors can choose from three types of stock offering the following pretax payouts per share: Low Payout Medium Payout High Payout These payoffs are expected to persist in perpetuity. The low-payout stocks have a total market value of $100 billion, the medium-payout stocks have a value of $50 billion, and the high- payout stocks have a value of$120 billion. a. Who are the marginal investors that determine the prices of the stocks? b. Suppose that this marginal group of investors requires a 12% after-tax return. What are the prices of the low-, medium-, and high-payout stocks? c. Calculate the after-tax returns of the three types of stock for each investor group. d. What are the dollar amounts of the three types of stock held by each investor group