The Hastings Sugar Corporation has the following pattern of net income each year, and associated The fim can earn a higher retun on the projects than the stockholders could eam if the funds were paid out in the form of dividends ollowing pattern of net income each year, and associated capital expenditure projects could earm if the funds were paid out in the form of Net Income $16 million 17 milion 14 million 18 million 16 million ear Exp S 7 million 11 million 6 million 7 million 8 million 2 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 30 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 ca f the fim pays a 20 percent stock divend n ears through 5 and also pa ays a cash dividend of $2.40 per share for each of the five years how much in total dividends will be paid? Total cash dividends