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.

Year	Net Income			Profitable Capital Expenditure
1	$	17	million	$	8	million
2		24	million		12	million
3		18	million		6	million
4		17	million		8	million
5		16	million		9	million

The Hastings Corporation has 3 million shares outstanding. (The following questions are separate from each other).

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 share for each of the five years, how much in total dividends will be paid?