Suppose this morning SPB Ltd$.,$ a solar panel and battery manufacturing company, paid a dividend of $$5$ per share. At $10$ a$.$m$.$ SPB announced its latest earnings results $($which were unexpectedly good$)$ and management seems very happy. One year ago, SPB paid for and implemented the Stealth Disposal $($SD$)$ project for handling its toxic waste. Only SPB$\text{'}$s management is aware of the SD project. The project has reduced SPB$\text{'}$s expenses related to toxic waste disposal, but there is a $25\%$ chance of toxic contamination of the drinking water for the nearest city. SPB management has no intention of publicly disclosing that the SD project exists. Following this morning's $10$ a$.$m$.$ quarterly earnings announcement, SPB$\text{'}$s earnings growth prospects look very good based upon substantial cost savings $($although investors don't know it$,$ these cost saving are due to the SD project$).$ SPB$\text{'}$s earnings announcement has caused investors to reassess SPB$\text{'}$s dividend growth with the new expectation that dividends will grow by $0\mathrm{.}5\%$ each quarter. Prior to the announcement, dividends were expected to grow by $0\mathrm{.}4\%$ each quarter. In addition, giveninvestors' perceived risk of SPB$,$ the equity cost of capital for SPB is $14\%($effective annual rate$).$ Complete parts below. a$.$ Assume the market is semistrong$-$form efficient. What was the price of SPB$\text{'}$s stock at $9$:$30$ a$.$m$.?$ The price of SPB$\text{'}$s stock at $9$:$30$ a$.$m$.$ was $ $\_\_\_\_\_?$ b$.$ Continue to assume the market is semistrong$-$form efficient. What was the price of SPB$\text{'}$s stock at $10$:$30$ a$.$m$.?$ The price of SPB$\text{'}$s stock at $10$:$30$ a$.$m$.$ was $\_\_\_\_?$ c$.$ By what percent did SPB$\text{'}$s stock price change between$9$:$30$ and $10$:$30$ a$.$m$.?$ Is this consistent with the efficient markets hypothesis? The stock changed by $\_\_\_\_\%$ between $9$:$30$ and $10$:$30$ a$.$m$.$ This $\_\_\_\_($is$/$isn$\text{'}$t$)$ consistent with the efficient markets hypothesis.