● XY Ltd. has made the following estimation of its earnings available for shareholders and external financing needs for the next five years.

Year 1 2 3 4 5 Earnings (`) 2,00,000 4,20,000 3,90,000 5,30,000 4,10,000 External Financing Needs (`) 1,50,000 2,50,000 2,40,000 3,50,000 2,60,000 The company currently has 50,000 equity shares of `10 each. You are required to determine the dividend per share and additional external financing needs of the company under the following circumstances:

(i) The company decides to pay a fixed dividend per share of `4 per share.

(ii) The company decides to maintain a dividend payout ratio of 60%.

(iii) The company decides to pay a fixed dividend per share of `1 per share along with an additional dividend of 40% of earnings.

(iv) The company follows a residual dividend policy.