Eric Nadal owns 200 shares of Ranger Inc. The company’s board of directors recently declared a cash dividend of $1.90 a share payable April 18 (a Wednesday) to shareholders of record on March 22 (a Thursday). 

a. How much in dividends, if any, will Eric receive if he sells his stock on March 21?
b. Assume Eric decides to hold on to the stock rather than sell it. If he belongs to the company’s dividend reinvestment plan, how many new shares of stock will he receive if the stock is currently trading at $40 and the plan offers a 5% discount on the share price of the stock? (Assume that all of Eric’s dividends are diverted to the plan.) Will Eric have to pay any taxes on these dividends, given that he is taking them in stock rather than cash?