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 $2$ 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?

Note: 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?

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

Total cash dividends

million

c$.$ If the firm pays a $20$ 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?

Total cash dividends

d$.$ Assume the payout ratio in each year is to be $30$ percent of the net income and the firm will pay a $20$ percent stock dividend

in years $2$ through $5,$ how much will dividends per share for each year be$?($Assume the cash dividend is paid after the stock

dividend.$)$

Note: Round your answers to $2$ decimal places.