第八題的C、D子題不確定要怎麼算，看不太懂題目的意思，有人可以解惑一下嗎?
FlatPaper Corp. has 100 million shares outstanding. The company expects its next-year earnings and dividends per share are $4 and $2, respectively.
Investors anticipate the company will experience perpetual growth at 8%. The expected rate of return demanded by investors is r=12%.
a. Calculate Flat stock price using perpetual-growth model.
b. Under the original dividene policy, what is next year's stock price?
In the recent board meeting, Flat decided that it will switch to a 100%payout policy, and issue new shares each year to finance company growth.
c. According to MM irrelevancy hypothesis, the total value of the company is unchanged by its payouy policy. What is the price of the commonstock at t=1 under the new policy?
d. Use the perpetual-growth model to recalculate the stock price under the new policy. Note that the expected return of equity remains to be 12%, but the growth rate under the new policyis no longer 8%.
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