The Ex Communicado company tries to follow a pure residual dividend policy. Earnings and dividends last year were $100 million and $20 million respectively. Anticipated earnings for this year are $80 million. Ex communicado is financed completely with common equity. The required rate of return on retained earnings is 15 percent and the cost of new equity is 16 percent. If Ex Communicado has $70 million of investment projects having expected returns greater that 15% Determine the total amount of dividends Ex communicado should pay