Most corporations pay quarterly dividends on their common stock rather than annual dividends. Barring any unusual circumstances during the year, the board raises, lowers, or maintains the current dividend once a year and then pays this dividend out in equal quarterly installments to its shareholders. a) Suppose a company currently pays a $3.20 annual dividend on its common stock in a single annual installment, and management plans on raising this dividend by 6% per year indefinitely. If the required return on this stock is 12%, what is the current share price? b) Now suppose the company in (a) actually pays its annual dividend in equal quarterly installments: thus, the company has just paid a $0.80 dividend per share, as it has for the previous three quarters. What is your value for the current share price now? Find the equivalent annual end-of-year dividend for each year