TTThe net income of Eleda Corporation, which has $10,000$ outstanding shares and a $100\%$ payout policy, is $$32,000$ today. The expected value of the firm one year hence is $$1,545,600.$ The appropriate discount rate for Eleda is $12\%.$

$($a$)$ What is the current value of the firm? $(1$ mark$)$

$($b$)$ What is the ex$-$dividend price of Eleda$$ stock if the board follows its current dividend policy? $(1$ mark$)$

$($c$)$ Provide an explanation for the change in Eleda$$s stock price using your calculations to support your explanation. $(1$ mark$)$