Apple had a net income of $4,200 million last year and just paid a dividend of $29.8 per share. Just before the ex-dividend day, the stock closed at $485 and there were 320 million shares outstanding. Assume perfect capital markets (ignore taxes and signalling effects).

Part 1 What opening stock price do you expect on the ex-dividend date?

0+ decimals . Part 2 What are earnings per share after the dividend payment?

1+ decimals Part 3 What is the price-earnings ratio after the dividend payment?

1+ decimals Part 4 If Apple had decided to spend the same amount to buy back its own shares instead of paying dividends, what would have been the share price after the repurchase?

0+ decimals Part 5 What are earnings per share after the repurchase?

1+ decimals

Part 6 What is the price-earnings ratio after the repurchase?