Walton and Company is the managing investment dealer for a major new underwriting. The price of the stock to the investment dealer is $19 per share. Other syndicate members may buy at $20.25. The price to the selected dealer group is $21.45, with a price to the brokers of $22.32. The price to the public is $24.50. (Do not round the intermediate calculations. Round the final answers to 2 decimal places.)

a. If Walton and Company sells its shares to the dealer group, what will be the percentage return? Return %

b. If Walton and Company performs the dealers function also and sells to brokers, what will be its percentage return? Return %

c. If Walton and Company fully integrates its operation and sells directly to the public, what will be its percentage return? Return %