The HNH Corporation will pay a constant dividend of $$1\mathrm{.}75$ per$$ share, per$$ year, in perpetuity. Assume all investors pay a $20\%$ tax on dividends and that there is no capital gains tax. The cost of capital for investing in HNH stock is $10\%.$

a$.$ What is the price of a share of HNH$$ stock?

b$.$ Assume that management makes a surprise announcement that HNH will no longer pay dividends but will use the cash to repurchase stock instead. What is the price of a share of HNH stock$$ now?