A startup company plans to pay no normal dividends, but instead only pay a liquidating dividend when either the company is bought by a larger company or goes out of business. There will be no dividends in the first five years. The liquida dividend will occur randomly at the end of exactly one of the next five years, each year equally likely. This means the soonest it could occur is in exactly six years, and the latest it could occur is in exactly ten years. The average size of that liquidating dividend, assuming it happens, is $10 million at the end of the 6th year and 25% higher in each subsequent year. The expected returns for the start up are a constant 15% per year. (a) What is the expected dividend payment at the end of the sixth year? (4 points) (b) What is the present value of all expected future dividends? (8 points) (c) Assuming there are 100,000 shares outstanding what is the per-share price for this startup's equity? (3 points)