3a. ELL Ltd's total earnings last year was $50 million and this year is $54 million, in line with its long-term earnings growth rate. There are 15 million shares outstanding, and the company follows a policy of retaining 25% of its earnings. Based on this information, calculate the company's expected dividend per share next year. Show all calculations.

b. EMM Ltd has assets with a market value of $400 million, $60 million of which is cash. It has debt outstanding with a market value of $150 million, and 20 million shares outstanding. Assuming perfect capital markets, if the company distributes the $60 million in cash as a dividend, calculate its debt-to-equity ratio after the dividend payment. Show all calculations.

c. ENN Ltd is an all-equity financed company and currently has $300 million in excess cash. It has 200 million shares outstanding, and the current market price of each share is $15. The company's board has decided to pay out this excess cash as a one-time special dividend to shareholders. Assuming perfect capital markets, calculate the company's ex-dividend price per share. Show all calculations.