=+a. For positive earnings only, pay out 40% of earnings.

b. Pay $0.75 per share and increase to $0.85 per share when earnings per share exceed $1.60 per share.

c. Pay $0.75 per share and pay an extra dividend of $0.50 per share when the earnings per share exceed $1.60.

d. Pay $0.75 per share and pay an extra dividend of 50% of earnings above $1.50 per share.

e. Compare each of the dividend policies described in parts a through d.