Investors require an after-tax rate of return of 10% on their stock investments. Assume that the tax rate on dividends is 30% while capital gains escape taxation. A firm will pay a $3 per share dividend 1 year from now, after which the firm's stock is expected to sell at a price of $25. a. Find the current price of the stock. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. Find the expected before-tax rate of return for a 1-year holding period. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) c. Now suppose that the dividend will be $4 per share. If the expected after-tax rate of return is still 10% and investors still expect the stock to sell at $25 in 1 year, at what price must the stock now sell? (Do not round intermediate calculations. Round your answer to 2 decimal places.) d. What is the before-tax rate of return? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) e. Is this smaller or larger than your answer to part (b)? % a. Current price b. Before-tax rate of return c. Price d. Before-tax rate of return Is this smaller or larger than your e. answer to part (b)? %