6. At the end of 2015 (t=0), company Z has no debt and 20,000 shares. Its net income for 2015 was $60,000 and its board of directors is about to set the dividend for 2015. Its current (cum dividend) stock price, i.e., before the dividend is paid at t=0, is $78. There are no taxes. h. What would be the ex dividendstockprice, i.e., just after the dividend is paidat t=0, if the board of directors followed a 100% payout rate policy? What would be the ex dividend value of the firm? i. Some directors argue that the current dividend is too low and depresses the stock price. They propose that the firm sell new shares to finance a $2 increase of the dividend pershare at t=0. These new shares will be sold ex-dividend. If the proposal is adopted, at what price will the new shares sell and how many will be sold? j. What would be the new (cum dividend) stock price following the announcement of the new dividend policy? Comment on the claim that the lower dividend was depressing the stockprice