Natsam Corporation has $25 million of excess eash. The firm has no debt and 20 million shares outstanding. The operating assets are expected to generate free cash flows of 18 million per year starting from next year till infinity. Its asset cost of capital is 10%. Natsam's board has decided to pay out all this cash as a one-time dividend three days later. (a) What is the current stock price (i.e., the cum-dividend price)? (3 pts) (b) What is the ex-dividend price in a perfect capital market? ( 1 pts) (c) If the board instead decided to use the eash to do a one-time share repurchase, in a perfect capital market, what is the price of the shares once the repurchase is complete? (1pts) (d) In a perfect capital market, which policy do investors in the firm prefer? (2 pts)