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Question 2 (23 marks) (a) XYZ Company earns an annual net income of $168,000 perpetually. XYZ is an all-equity firm with 20,000 shares outstanding and a cost of capital of 10%. Herman currently owns 1,000 shares of XYZ common stock. Assume no taxes. i. Calculate the stock price of XYZ. (Show your calculations). (2 marks) ii. XYZ plans to distribute $80,000 of its current net income as cash dividends. How much will Herman receive from this dividend policy? (Show your calculations). (2 marks) iii. Herman prefers a zero-dividend policy. What will be Herman's homemade dividend strategy to achieve the zero-dividend policy? (Show your calculations). Explain briefly whether the dividend policy of XYZ is relevant or not. (8 marks)