What is the value of an all-equity firm (a) that has a dividend payout ration of 100 percent, (b) that is expected to generate net income each year (forever) of $1.25 million, and (c) that has a required equity return (also the ROE) of 15.3 percent? Now suppose the firm has a payout ratio of 33 percent. Given the earnings retention what will be next years dividend, at what rate will the firm be able to grow the dividend, and what will be the value of the firm? In the first case, the value of the is $___ (round to two decimal places). In the second case, next years dividend will be $__ (round to the nearest dollar). The growth rate of the dividend will be __%. The value of the firm will be (round to two decimal places).