Jersey Medical earns $8.50 a share, sells for $120, and pays a $8 per share dividend. The stock is split two for one and a $4 per share cash dividend is declared. a. What will be the new price of the stock? Round your answer to the nearest dollar. $ b. If the firm's total earnings do not change, what is the payout ratio before and after the stock split? Round your answers to one decimal place. Payout ratio before the split: % Payout ratio after the split: %