The Hastings Sugar Corporation has the following pattern of net income each year, and associated capital expenditure projects. The

firm can earn a higher return on the projects than the stockholders could earn if the funds were paid out in the form of dividends.

The Hastings Corporation has $3$ 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?

Note: Enter your answer in millions.

Total cash dividends

b$.$ If the firm simply uses a payout ratio of $50$ percent of net income, how much in total cash dividends will be paid?

Note: Enter your answer in millions and round your answer to $1$ decimal place.

Total cash dividends

c$.$ If the firm pays a $10$ percent stock dividend in years $2$ through $5,$ and also pays a cash dividend of $$2\mathrm{.}40$ per share for each of the

five years, how much in total dividends will be paid?