Terrapin Corporation has 10,000 outstanding shares and is pursuing a policy of paying out all of its net income as dividends. This year's net income is expected to be $32,000 and the firm is about to pay its annual dividend but has not yet done so. The expected value of the firm one year from now is $1,545,600. The appropriate discount rate for Terrapin stock is 12 percent and there are no taxes. (a) What is the curentrice of Terrapin's stock immediately board follows its current policy