Taurus Corporation has the following dividend policy:

Taurus Corporation has the following dividend policy: if the earnings after taxes are less than $1 million, the dividend payout ratio will be 35%, but if these earnings are over $1 million, the dividend payout ratio will be 45%. The EBIT of Taurus for next year is expected to be $6 million with a standard deviation of $4 million. Taurus has $20 million in long-term bonds with coupon of 9%, and 1.5 million shares of common stock. Calculate the probability that Taurus will give a dividend of more than $1 per share. The tax rate of Taurus is 30%.

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