An all-equity firm with 40M shares outstanding has the payout policy of distributing 50% of its net income as dividends to its shareholders every year. The firm' net income this year is S100M. An investor who purchased one share of the firm's stock a year ago at $45 is looking to sell Suppose th investor' s personal tax rate on both dividend and capital gains income is 15%. (A) What would be the investor's return on her investment if she were to sell just before the ex-dividend date, at which time shares are trading at $54 each? (B) What would be the investor's return on her investment if she were to sell on the ex-dividend date