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 an annual dividend of $4.00 on its common stock in a single annual installment, and management plans on raising this dividend by 2 percent per year indefinitely. If the required return on this stock is 14 percent, what is the current share price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g. 32.16.) Current share priceS 88.33 b. Now suppose the company in (a) actually pays its annual dividend in equal quarterly instaliments, thus the company has just paid a dividend of si.00 per share, as it has for the previous three quarters. What is your value for the current share price now? (Hint. Find the equivalent annual end of-year dividend for each year) (Do not round intermediate calculations and round your answer to 2 decimal places e.g., 32.16.) Current share price