What is the value of an all-equity firm (a) that has a dividend payout ratio of 100 percent, (b) that is expected to generate net income each year (forever) of $1.11 million, and (c) that has a required equity return (also the ROE) of 16 percent? Now suppose the firm has a payout ratio of 31 percent. Given the earnings retention, what will be next year's dividend, at what rate will the firm be able to grow the dividend, and what will be the value of the firm? Compare your answer to this question to your previous answer. In the first case, the value of the firm is $ million (Round to two decimal places.) 12 What is the value of an all-equity firm (a) that has a dividend payout ratio of 100 percent, (b) that is expected to generate net income each year (forever) of $1.11 million, and (c) that has a required equity return (also the ROE) of 16 percent? Now suppose the firm has a payout ratio of 31 percent. Given the earnings retention, what will be next year's dividend, at what rate will the firm be able to grow the dividend, and what will be the value of the firm? Compare your answer to this question to your previous answer. In the first case, the value of the firm is $ million (Round to two decimal places.) 12