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 instalments to its shareholders Required: (a) Suppose a company currently pays an annual dividend of $5.80 on its common stock in a single annual installment, and management plans on raising this dividend by 6.00 percent per year indefinitely If the required return on this stock is 12 percent, what is the current share price? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Current share price 102.47 (b) Now suppose the company in (a) actually pays its annual dividend in equal quarterly installments thus the company has just paid a dividend of $1.45 per share, as it has for the previous three quarters What is your value for the current share price now? (Hint Find the dividend for each year) (Do not round intermediate calculations, Round your answer to 2 decimal places (e.g, 32.16).) Current share price s of the stok