suppose that there are just three types of investors with the following tax rates: individuals corporations institutions dividends 30 % 5 % 0 % capital gains 25 35 0 individuals invest a total of $80.4 billion in stock and corporations invest $10.48 billion. the remaining stock is held by the institutions. all three groups simply seek to maximize their after-tax income. these investors can choose from three types of stock offering the following pretax payouts per share: low payout medium payout high payout dividends $ 9 $ 9 $ 30 capital gains 19 9 0 these payoffs are expected to persist in perpetuity. the low-payout stocks have a total market value of $100.4 billion, the medium-payout stocks have a value of $50.4 billion, and the high-payout stocks have a value of $120.4 billion. who are the marginal investors that determine the prices of the stocks? suppose that this marginal group of investors requires an after-tax return of 13%. what are the prices of the low-, medium-, and high-payout stocks? calculate the after-tax returns of the three types of stock for each investor group. what are the dollar amounts of the three types of stock held by each investor group?