The expected pretax return on three stocks is divided between dividends and capital gains in the following way. a. If each stock is priced at S100. what are the expected net percentage returns on each stock to (i) a pension fund that does not pay taxes (ii) a corporation paying tax at 45% (The effective tax rate on dividends received by corporations is 10.5%). and (iii) an individual with an effective tax rate of 10% on dividends and 5% on capital gains? b. Suppose that investors pay 40% tax on dividends and 10% tax on capital gains. If stocks are priced to yield an after-tax return of 10%, what would A B and C each sell for? Assume the expected dividend is a level perpetuity