please address accordingly and please show calculations where needed and do not use excel

(Total 15 marks) Questions Required: a) Discuss how Australian resident investors whose marginal tax rate is lower than the company tax rate of 30% con utilise franking credits (2 marks) b) Discuss two differences between dividends and share repurchase (2 marks) c) FIN222 Ltd has $500 million of excess cash. The firm has no debt and 500 million shares outstanding with a current market price of $15 FIN222 Ltd's board has decided to pay out this cash as a one-off dividend. Assume a perfect capital market 0 What is the ex-dividend price of the share? (2 marks) If the board instead decided to use the cash to do a one-off share repurchase, what is the price of the shares once the repurchase is complete? (3 marks) d) Use the following information to answer the question. . You purchased ACCY Ltd shares for $40 and they are now selling for $50 The company has announced that it plans a $10 special dividend, Assume that the dividend is fully franked (100%), the corporate tax rate is 30%, you have a marginal tax rate of 38% and you have held the shares for more than 12 months . What is the after-tax income if you choose to sell the shares? (2 marks) 1) What is the after-tax income if you choose to wait and receive the special dividend? (4 marks) (Total 15 marks) Questions Required: a) Discuss how Australian resident investors whose marginal tax rate is lower than the company tax rate of 30% con utilise franking credits (2 marks) b) Discuss two differences between dividends and share repurchase (2 marks) c) FIN222 Ltd has $500 million of excess cash. The firm has no debt and 500 million shares outstanding with a current market price of $15 FIN222 Ltd's board has decided to pay out this cash as a one-off dividend. Assume a perfect capital market 0 What is the ex-dividend price of the share? (2 marks) If the board instead decided to use the cash to do a one-off share repurchase, what is the price of the shares once the repurchase is complete? (3 marks) d) Use the following information to answer the question. . You purchased ACCY Ltd shares for $40 and they are now selling for $50 The company has announced that it plans a $10 special dividend, Assume that the dividend is fully franked (100%), the corporate tax rate is 30%, you have a marginal tax rate of 38% and you have held the shares for more than 12 months . What is the after-tax income if you choose to sell the shares? (2 marks) 1) What is the after-tax income if you choose to wait and receive the special dividend? (4 marks)