An investor estimates that next year's sales for Dursley's Hotels, Inc., should amount to about $104 million. The company has 4.6 million shares outstanding, generates a net profit margin of about 9.1%, and has a payout ratio of 51%. 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. Note: EPS is an intermediate computation not required as an input below. However, round your computation of EPS to at least two decimal places.

c. The expected price of the stock (assuming the P/E ratio is 27.5 times earnings).

d. The expected holding period return (latest stock price: $41.19 per share). Note: The dividend will be paid during the holding period. Note: The dividend will be paid during the holding period.