The Hastings Sugar Corporation has the following pattern of net income each year, and associated capital expenditure projects. The firm can ean a higher return on the projects than the stockholders could earm if the funds were paid out in the form of dividends Net Income $12 million 20 million 12 million 14 million 16 million Expenditure S 8 mil 12 mi ear 7 million 8 million 8 million .3 5 The Hastings Corporation has 2 million shares outstanding (The following questions are separate from each other) a. If the marginal principle of retained earnings is applied, how much in total cash dividends will be paid over the five years? (Enter your answer in millions.) Total cash dividends million b. If the firm simply uses a payout ratio of 40 percent of net income, how much in total cash dividends will be paid? Enter your answer in millions and round your answer to 1 decimal place.) Total cash dividends million c. If the firm pays a 10 percent stock dividend in years 2 through 5, and also pays a cash dividend of $2 40 per