=b. Assume the company wants a stable payout ratio over time and plans to use its marketable
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=b. Assume the company wants a stable payout ratio over time and plans to use its marketable securities portfolio as a buffer to absorb year-to-year variations in earnings and investments. Set the annual payout ratio equal to the five-year sum of total dividends paid in question a divided by total earnings. Then solve for the size of the company's marketable securities portfolio each year.
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