Suppose B&E Press paid dividends at the end of each year according to the schedulo shown here. It also reduced its share count by repurchasing 5.3 million shares at the end of each year at the ex-dividend stock prices shown (Assume perfect capital markets.) a. What is total market value of B&E's equity, and what is the total amount paid out to shareholders at the end of each year? b. It B&E had made the same total payouts using dividends only (and so kept its share count constant), what dividend would it have paid and what would its ex-dividend share price have been each year? c. It B&E had made the same total payouts using repurchases only (and so paid no dividends), what share count would it have had and what would its share price have been each year? (Hint Use the ending equity for the current year from part (a) above) d. Consider a shareholder who owns 20 shares of B&E initially, does not soll any shares, and reinwests all dividends at the ex-dividend share price. Would this shareholder have preferred the payout policy in (b), (c) or the original policy? d a. What is total market value of B&E's equity, and what is the total amount paid out to shareholders, at the end of each year? (Round to two decimal places.) 2009 Ending Equity Valio 15 million Total Dividends (5 million) Data Table Total Repurchases (Smilion) Total Payout (8 milion (Click on the following icon in order to copy its contents into a spreadshot) 2009 2010 2011 2012 2013 Ex-Dividend Stock Price ($/share) 1197 10.74 15 32 Dividend (S/share) 0.53 0.59 053 Shares Outstanding (millions) 98.84 03 54 88 24 82.94 77.64 10.12 7.64 0.53 Print Done