Question $1.($Book Question $6)$ While dividend yields in the United States in the late $1990$s were at historically low levels, share repurchases were at historical highs. Was this a coincidence?

Question $2.$ Suppose XYZ Inc. has $5,000,000$ shares currently trading at $$12$ each. They currently have $$10,000,000$ cash and $$90,000,000$ in other assets. In the following scenarios what is the number of shares of the company, the price per share, and the market capitalization:

a$.$ They do nothing.

b$.$ They pay a $$1\mathrm{.}20$ dividend.

c$.$ They do a share repurchase of $500,000$ shares for $$12$ a share.

d$.$ They do a share repurchase of $400,000$ shares for $$15$ a share.