Suppose that there are just three types of investors with the following tax rates: Dividends Capital gains Individuals 30% 19 Corporations 5% 9 Institutions 0% 0 Individuals invest a total of $80.4 billion in stock and corporations invest $10.48 billion. The remaining stock is held by the institutions. All three groups simply seek to maximize their after-tax income. These investors can choose from three types of stock offering the following pretax payouts per share: Dividends Capital gains Low Payout $ 9 19 Medium Payout $ 9 9 High Payout $ 30 0 These payoffs are expected to persist in perpetuity. The low-payout stocks have a total market value of $100.4 billion, the medium-payout stocks have a value of $50.4 billion, and the high- payout stocks have a value of $120.4 billion. b. Suppose that this marginal group of investors requires an after-tax return of 13%. What are the prices of the low-, medium-, and high-payout stocks? (Do not round intermediate calculations. Round your answers to 2 decimal places.) $ Price of low-payout stock Price of medium-payout stock Price of high-payout stock $ $ c. Calculate the after-tax returns of the three types of stock for each investor group. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Institutions % Individuals % Corporations % Low-payout stock Medium-payout stock High-payout stock % % % % % % d. What are the dollar amounts of the three types of stock held by each investor group? (Leave no cells blank - be certain to enter "0" wherever required. Round your answers to 2 decimal places.) Individuals Institutions $ Corporations $ Low-payout stock Medium-payout stock High-payout stock A A A $ $ $