Carmine Red Berhad has found three acceptable investment opportunities. The three projects require a total of RM3 million in financing. It is the company's policy to finance its investments by using 30% debt and 70% common equity. Last year, the firm total earnings were RM4.5 million but expect total earnings to increase to RM4.8 million this year. There are currently 900,000 shares of common stock outstanding. The company paid RM2.00 per share dividend last year. Required: a) What portion of the new investments will be financed by common equity and what portion by debt? (2 Marks) b) If the company maintains a pure residual dividend policy, calculate the dividend per share that each shareholder will receive this year. (4 Marks) c) If the company maintains a constant dividend payout ratio each year, how large a dividend will each shareholder receive this year? (4 Marks) d) Discuss the differences between stock dividend and stock split. (2 Marks)