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Please show the detail, thanks (7 points) On December 31, 2018, the effective annual interest rate was 2.4%, and Mr. Gruber purchased 100 shares of

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(7 points) On December 31, 2018, the effective annual interest rate was 2.4%, and Mr. Gruber purchased 100 shares of company ABC. Starting in 2019, the company paid a quarterly dividend at the end of March, June, September, and December. The quarterly dividend on March 31, 2019 was $0.50. In every subsequent year, the quarterly dividend is increased by 1.4% per year. a) Assuming that Mr. Gruber paid a fair price for his shares, how much did he pay? Answer = $ Click for a hint What is the accumulated value of the four dividends paid out by December 31, 2019? b) At what rate do the quarterly dividends increase if the fair price of the 100 shares was $15,323.00? (Assume that the dividends are increased only once per year, and by a rate different than the 1.4% given earlier.) Answer = %. c) Mr. Gruber deposited the quarterly dividend payments he received into a savings account earning an effective quarterly interest rate of 0.15%. What will Mr. Gruber's balance be on December 31, 2020? Answer = $

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