APPLE is only one of the multiple companies that have approved and declared a stock split, the most recent one on a 4-for-1 basis last August 28, 2020. Analyze and explain: (i) What is a stock split; (ii) Why do you think that APPLE has approved this stock split decision; (iii) How has that the stock split affected APPLE’s stocks’ value; (iv) What is the APPLE’s current dividend payout ratio; (v) How do you think that the APPLE’s dividend payout ratio may affect to the stocks’ value. This exercise assesses the following learning outcomes: (i) the evaluation of the dividend payout ratio, (ii) the trade-off between paying dividends and retaining the profits within the company, (iii) the purpose and procedure related to stock repurchases, and (iv) the evaluation and advice on a firm going from private to a public company. .