All answers must have supporting reasoning. QQ is a constantly growing company that has 1,000,000 shares outstanding. Its expected annual earnings for the coming year is $5,127,280. It has just paid an annual dividend. The firm has a competent R&D team who are capable of finding projects that have an expected rate of return of 17%. The share is priced at a market capitalization rate of 8.1% and the share price is $112.30.

a. What is the payout ratio?

b. What is the total market value of the equity

c. What is the dividend yield?

d. What is the expected share price in six years immediately before the dividend?