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.$)$

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 millilons.

b$.$ If the firm simply uses a payout ratio of $30$ percent of net income, how much in total cash dividends will be paid?

Note: Enter your answer In millions and round your answer to $1$ declmal ploce.

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 $20$ percent of the net income and the firm will pay a $10$ 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.