Suppose a common share of XYZ closed at \(\$ 40.00\) on December 31, and on April 1 of the following year, the stock split two-for-one. The stock closed at \(\$ 21.00\) on December 31 of that following year.

(a) Suppose the company did not pay any dividends, returned no capital, and no other splits were made during the year. What was the adjusted closing price for December 31 of the previous year?

(b) Again, suppose the company did not pay any dividends, returned no capital, and no other splits were made during the year. What was the total simple return for that year?

(c) Now, suppose there were no splits except the two-for-one split on April 1, but suppose the company paid quarterly dividends of \(\$ 0.50\) on January 15, April 15, July 15, and October 15. What was the adjusted closing price for December 31 of the previous year?

(d) Again, assume the same conditions with regard to dividends and splits as in the previous question. Give two ways of computing the total simple return for that year.