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. (Do not round intermediate calculations. Round the final answer to 2 decimal places.) a. Suppose a company currently pays a $3.60 annual dividend on its common stock in a single annual instalment, and management plans on raising this dividend by 6 percent per year indefinitely. If the required return on this stock is 12 percent, what is the current share price? Current share price b. Now suppose the company in (a) actually pays its annual dividend in equal quarterly instalments, thus, the company has just paid a $.90 dividend 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.) Current share price