Assume capital markets are perfect. Kay Industries currently has $ 200million invested in? short-term Treasury securities paying 8 %,and it pays out the interest payments on these securities as a dividend. The board is considering selling the Treasury securities and paying out the proceeds as a? one-time dividend payment. Assume investors pay a 15 %tax on dividends and capital? gains, and a 40 %tax on interest? income, while Kay pays a 40 %corporate tax rate. a. If the board went ahead with this? plan, what would happen to the value of Kay stock upon the announcement of a change in? policy? Would it rise or fall by how many million b. What would happen to the value of Kay stock on the? ex-dividend date of the? one-time dividend? c. Given these price? reactions, will this decision benefit? investors?