PLEASE PROVIDE EXCEL FILE WITH FORMULAS. Please provide computations (walk-through) for PART D as well.

Suppose B&E Press paid dividends at the end of each year

according to the schedule below. It also reduced its share count

by repurchasing 5.2 million shares at the end of each year at the

ex-dividend stock prices shown. (Assume perfect capital

markets.)

a. What is total market value of B&E's equity, and what is

the total amount paid out to shareholders, at the end of

each year?

b. If B&E had made the same total payouts using dividends

only (and so kept is share count constant), what dividend

would it have paid and what would its ex-dividend share

price have been each year?

c. If B&E had made the same total payouts using

repurchases only (and so paid no dividends), what share

count would it have had and what would its share price

have been each year?

d. Consider a shareholder who owns 25 shares of B&E

initially, does not sell any shares, and reinvests all

dividends at the ex-dividend share price. Would this

shareholder have preferred the payout policy in (b), (c),

or the original policy?

PLEASE PROVIDE EXCEL FILE WITH FORMULAS. Please provide computations (walk-through) for PART D as well.

2014 2015 2016 2017 2018 Ex-Dividend Stock Price 10.19 12.06 8.31 11.11 14.91 ($/share) Dividend ($/share) 0.46 0.46 0.46 0.46 Shares Outstanding 102.49 97.29 92.09 86.89 81.69 (millions)