15. Dividend Policy. In 2008, Arborio Farms earned $3.60 per share and paid a cash dividend of $1.20 per share, exactly in line with its target payout ratio of 33%. Arborio's earnings per share in the next 6 years were $3.30 in 2009, $3.60 in 2010, $4.00 in 2011, $4.68 in 2012, $4.00 in 2013, and $4.05 in 2014. Make a prediction of Arborio's dividends per share in these years. You can make additional assumptions if that is helpful, but make sure your prediction is reason- able. (LOI)