Maynard Steel plans to pay a dividend of $ $3\mathrm{.}01$ this year. The company has an expected earnings growth rate of $4\mathrm{.}1\%$ per year and an equity cost of capital of $10\mathrm{.}5\%.$

a$.$ Assuming that$$ Maynard's dividend payout rate and expected growth rate remain$$ constant, and that the firm does not issue or repurchase$$ shares, estimate$$ Maynard's share price.

b$.$ Suppose Maynard decides to pay a dividend of $ $1\mathrm{.}02$ this year and use the remaining $ $1\mathrm{.}99$ per share to repurchase shares. If$$ Maynard's total payout rate remains$$ constant, estimate$$ Maynard's share price.

c$.$ If Maynard maintains the dividend and total payout rate given in part b$,$ at what rate are$$ Maynard's dividends and earnings per share expected to$$ grow?