Consider the Miller and Modigliani Dividend Model. Assume shareholders can create homemade dividend or un-dividend by themselves without any restriction on their stock trading. Suppose ABC Limited has 1,000,000 outstanding shares, and Peter owns 2,000 shares of it. The market price of a share is $50. ABC Limited declares to pay $10 dividend per share to its shareholders. a) Calculate the expected market price per share on ex-dividend date. (3 marks) b) Suppose Peter prefers $20 dividend per share. To get his desired cash flow, what should Peter do on the ex-dividend date? Explain it with relevant calculation by considering how many shares that Peter should trade (indicate buy or sell), if any, on ex-dividend date. Assuming that the trade will not affect the share price. (8 marks) c) Suppose dividend tax rate is 30%, calculate the expected market price per share on exdividend date. (3 marks) d) Suppose dividend tax rate is 30% and the tax rate on capital gains is 12%, calculate the effective dividend tax rate. (3 marks) e) Suppose dividend tax rate is 30% and the tax rate on capital gains is 12%, calculate the expected market price per share on ex-dividend date