As of October 17, 2017, company XYZ pays a dividend of $6.00 per share per year, and the amount of dividend is increased by 2% every year after dividends are paid on October 17. The current (effective) annual interest rate is 5%.

(a) If dividends are paid annually on October 17, what is the fair price per share for XYZ on October 17, 2017 after the dividend has been paid out?

(b) If dividends are paid quarterly, on the 17th of January, April, July, and October, what is the fair price per share for XYZ on October 17, 2017 after the dividend has been paid out?

(c) If dividends are paid monthly, on the 17th of each month, what is the fair price per share for XYZ on October 17, 2017 after the dividend has been paid out?

(d) What is the relationship between the prices you found in (a), (b), and (c)?