An investor estimates that next year's sales for Dursley's Hotels, Inc., should amount to about$103 million. The company has 3.6 million shares outstanding, generates a net profit margin of about 9.8%, and has a payout ratio of 49%. All figures are expected to hold for next year. Given this information, compute the following.

a. Estimated net earnings for next year.

b. Next year's dividends per share.

c. The expected price of the stock (assuming the P/E ratio is 20.1 times earnings).

d. The expected holding period return (latest stock price: $38.49 per share).