Problem 5. Payall Inc., Payless Inc., and Paynone Inc. have identical operations. They follow a large, medium, and zero payout policy, respectively. Paynone Inc.'s shares currently trade at $100, and are expected to trade at $125 in one year. The expected dividends per share in one year for Payall and Payless are $25 and $12.50 respectively, and their ex-dividend stock prices are expected to be $100 and $112.5 respectively. The market prices are set so that their after-tax expected returns are equal. What should the current share prices of Payless Inc. and Payall Inc. be? Assume that the marginal personal tax rate on dividends is 25%, and the effective tax rate on capital gains is zero