17-9A. (Dividend policies) The earnings for Crystal Cargo, Inc., have been predicted for the next five years and follow. There are I million shares outstanding. Determine the yearly dividend per share to be paid if the following policies are enacted:

a. Constant dividend payout ratio of 50 percent.

b. Stable dollar dividend targeted at 50 percent of the earnings over the five-year period.

c. Small, regular dividend of $0.50 per share plus a year-end extra when the profits in any year exceed $1,500,000. The year-end extra dividend will equal 50 percent of profits exceeding $1,500,000.

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YEAR 1 5 PROFITS AFTER TAXES $1,400,000 2,000,000 1,860,000 900,000 2,800,000