share at the end of the second year. The dividef $100 per share at the ond of one year and $100 per stock. There are currently 100 so exist after that tine end of the second year is a liquidating policy that will pay out $120 shares outstanding. The Investors require a 12% return on the alternative policy, any shortfall share in eash dividends firm is considering an alternate dividend osts and no other funds will be raised by issuind of the first year. Under this r market imperfections. (a) $169+64 b) $164.26 c) $172.54 d) $176.24 e) $167.73 8. Under the alternate dividend policy, what is the cash dividend Hazel will pay to the shareholders at the end of the second year? a) $78.20 b) $81.50 (c) $77.61 d) $75.25 e) $80.00