There is a small country somewhere whose economy has only three firms: 1) Dulmart, 2), and 3) Can'tcer. 1) Dulmart: Dulmart was established in 1978 and has been serving the whole country ever since with stores in every city. Over the last five years, Dulmart's earnings have been very strong and steady but sales have grown only by 1% per year. 2) National Motors Vehicle (NMV): NMV is the sole auto manufacturer in the country. The firm's products compete with imported cars which comprise 65% of the market. The firm has been profitable with substantial earnings growth over the years. The firm periodically invests in research, design, and development of its improved products to properly compete with imports. Moreover, due to exceptional sales of their two current Electric vehicles, the firm's cash holdings comprise 25% of their total assets which is significantly above the industry average of 15%. 3) Can'tcer: Can'tcer is a biotech firm established in 2015 with a mission to eradicate cancer in the country. Due to the promising vision of the firm, private investors have been investing capital in the firm to receive equity stakes. So, the firm has significant amount of cash reserves and spends all of its capital on various R&D projects. You are tasked to provide payout policy advice to these three firms. For each of of these three firms determine if they should pay a stable dividend, of if they should distribute earnings through share repurchases, or if they should have a no distribution policy. SUPPORT YOUR DECISIONS WITH APPROPRIATE ARGUMENTS. Note that the arguments supporting your decisions receive credit and not the decisions themselves. [10 points] There is a small country somewhere whose economy has only three firms: 1) Dulmart, 2), and 3) Can'tcer. 1) Dulmart: Dulmart was established in 1978 and has been serving the whole country ever since with stores in every city. Over the last five years, Dulmart's earnings have been very strong and steady but sales have grown only by 1% per year. 2) National Motors Vehicle (NMV): NMV is the sole auto manufacturer in the country. The firm's products compete with imported cars which comprise 65% of the market. The firm has been profitable with substantial earnings growth over the years. The firm periodically invests in research, design, and development of its improved products to properly compete with imports. Moreover, due to exceptional sales of their two current Electric vehicles, the firm's cash holdings comprise 25% of their total assets which is significantly above the industry average of 15%. 3) Can'tcer: Can'tcer is a biotech firm established in 2015 with a mission to eradicate cancer in the country. Due to the promising vision of the firm, private investors have been investing capital in the firm to receive equity stakes. So, the firm has significant amount of cash reserves and spends all of its capital on various R&D projects. You are tasked to provide payout policy advice to these three firms. For each of of these three firms determine if they should pay a stable dividend, of if they should distribute earnings through share repurchases, or if they should have a no distribution policy. SUPPORT YOUR DECISIONS WITH APPROPRIATE ARGUMENTS. Note that the arguments supporting your decisions receive credit and not the decisions themselves. [10 points]