Robin's Corporation has $250 million of excess cash. The firm has no debt and 500 million shares outstanding with a current market price of $15 per share. Robin's board has decided to pay out this cash as a one-time dividend. Required: (a) What is the ex-dividend price of a share according to Modigliani and Miller (1961)? (2 marks) (b) If the board instead decided to use the cash to do a one-time share repurchase, according to Modigliani and Miller (1961) what is the price of the shares once the repurchase is complete? (2 marks) (c) Which policy in part (a) or (b) makes investors in the firm better off? If taxes were a factor, how would they change your