Suppose$$ B&E Press paid dividends at the end of each year according to the schedule shown$$ here, LOADING.... It also reduced its share count by repurchasing 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$$ B&E$\text{'}$s equity, and what is the total amount paid out to$$ shareholders, at the end of each$$ year?

b$.$ If$$ B&E had made the same total payouts using dividends only$($and so kept its share count$$ constant$),$ what dividend would it have paid and what would its$$ ex$-$dividend share price have been each$$ year?

c$.$ If$$ B&E had made the same total payouts using repurchases only$($and so paid no$$ 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 shares of$$ B&E initially, does not sell any$$ shares, and reinvests all dividends at the$$ ex$-$dividend share price. Would this shareholder have preferred the payout policy in $($b$),($c$),$ or the original$$ policy?

$\backslash$table$[[,2009,2010,2011,2012,2013],[$Ex$-$Dividend Stock Price $($$$/$share$),10\mathrm{.}12,11\mathrm{.}78,8\mathrm{.}48,11\mathrm{.}39,15\mathrm{.}45],[$Dividend $($$$/$share$),,0\mathrm{.}51,0\mathrm{.}51,0\mathrm{.}51,0\mathrm{.}51],[$Shares Outstanding $($millions$),95\mathrm{.}75,90\mathrm{.}35,84\mathrm{.}95,79\mathrm{.}55,74\mathrm{.}15],[$number of shares repurchased,$5\mathrm{.}4,,,,]]$