dividends. This would allow the shareholders to invest on their own in Treasury bills with the same yield= or in preferred stock. The corporate tax rate is 25 percent. Assume the investor has a 31 percent personal income tax rate. which is applied to interest income and preferred stock dividends. The personal dividend tax rate is 10 percent on common stock dividends- Suppose the company reinvests the $5 million and pays a dividend in three years. a-1. What is the total aftertax cash flow to shareholders if the company invests in Tbills? {Do not round intermediate calculations and enter your answer in dollars, not millions of dollars. rounded to 2 decimal places. e.g., 1.3455131} a-2. What is the total aftertax cash flow to shareholders if the company invests in preferred stock? {Do not round intermediate calculations and enter your answer in dollars. not millions of dollars, rounded to 2 decimal places. e.g., 1,234.55T.39.} 9 Answer is complete but not entirer correct. a1.'v'alue in Three years 326 4.?BE,495.18 a a-2.1li'a|ue in Three years 35 5,119,535.539 Suppose instead that the company pays a $5 million dividend now and the shareholder reinvests the dividend for three years. b-1. What is the total aftertax cash flow to shareholders if the shareholder invests in T- bills? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.) b-2. What is the total aftertax cash flow to shareholders if the shareholder invests in preferred stock? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89.) Answer is complete but not entirely correct. b-1. Value in three $ 45,000,000.00 X years b-2. Value in three 5,002,257.14 years