A firm$$s next$-$period market value of equity is $$3$ million and there are $100,000$ shares outstanding, with k $=12$ percent.

$1.$ What is the current stock price if the firm pays $$600,000$ in cash dividends?

$2.$ What is the number of shares outstanding if a firm spends its extra $$600,000$ to buy back shares at $$36$ per share instead of paying $$600,000$ in cash dividends?

$3.$ What is the current stock price if a firm spends its extra $$600,000$ to buy back shares at $$36$ per share instead of paying $$600,000$ in cash dividends?