Problem 3 (**Please type out answers and calculations**Calibri (Body) font with no colours if using print- screen for graphs**Thank you!) The Halifax Corporation expects next year's net income to be $15 million. The firms' debt to equity ratio is currently 2. The Halifax Corporation has $12 million of capital expenditures planned for projects with positive NPV's for next year. Management plans to maintain its existing debt to equity ratio. According to the residual distribution model (assuming all payments are in the form of dividends), how large should The Halifax Corporation's dividend be next year? (Clearly label and show your work)