at the end of the quarter ending March 26, 2022, Apple still has just over $12 per share of cash and marketable securities on its balance sheet. Is this appropriate? If so, why? If not, why do you believe that $12 per share is too much? And, what should Apple do with the excess cash and marketable securities? Should it increase its regular dividend, should it pay a special dividend, or should it buy back shares? When answering these questions, you could also think about whether Apples current payout distribution between dividends and repurchases is appropriate.