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The Quick Buck Company is an all-equity firm that has been inexistence for the past three years. Company management expects thatthe company will last for two more years and then be dissolved. Thefirm will generate cash flows of $500,000 next year and $800,000 intwo years, including the proceeds from the liquidation. There are20,000 shares of stock outstanding and shareholders require areturn of 12 percent.Requirement 1:What is the current price per share of the stock?(Do not round intermediatecalculations. Round your answerto 2 decimal places (e.g., 32.16).) Share price$The Board of Directors is dissatisfied with the current dividendpolicy and proposes that a dividend of $600,000 be paid next year.To raise the cash necessary for the increased dividend, the companywill sell new shares of stock.Requirement 2:How many shares of stock must be sold?(Do not round intermediatecalculations. Round your answer to 2 decimalplaces (e.g., 32.16).) Shares soldRequirement 3:What is the new price per share of the existing shares of stock?(Do not round intermediatecalculations.Round your answer to 2 decimal places(e.g., 32.16).) New share price$