Companies W, X, Y & Z all begin with same book value and earn 1,000,000 in (after-tax) profit this year.

W pays $500,000 in dividends and keeps the remaining in cash

X pays $100,000 in dividends and purchase $900,000 worth of shares in company Y

Y pays no dividends and purchases $1,000,000 in equipment

Zpays $1,200,000 in dividends

Which company has the greatest book value at end of this year (beginning of next year)

a)W

b)X

c)Y

d)Z