I need help with c. and d.

The Hastings Sugar Corporation has the following pattern of net income each year, and associated capital expenditure projects. The firm can earn a higher return on the projects than the stockholders could earn if the funds were paid out in the tom or dividends Profitable Capital Net Income $19 million 19 million 9 million 14 million ilin Expenditure S 7 million 12 million 6 million 7 million 8 million The Hastings Corporation has 3 million shares outstanding (The following questions are separate trom each other) a. If the marginal principle of retained earnings is applied, how much in total cash dividends will be paid over the five years? (Enter your answer in millions.) Total cash dividendsS 38 million b. If the firm simply uses a payout ratio of 20 percent of net income, how much in total cash dividends will be paid? (Enter your answer in millions and round your answer to 1 decimal place.) c. If the firm pays a 20 percent stock dividend in years 2 through 5, and also pays a cash dividend or $2.40 per share for each of the five years, how much in total dividends will be paid? Total cash dividends