A financial analyst is aftempting to assess the future dividend policy of Ermironmental Systems by examining its life cycle. She anticipates no payout of carnings in the form of cash dividends during the development stage (I). During the growth stage (ii). she anticipates 15 percent of earnings will be distributed as dividends. As the firm progresses to the expansion stage (iil), the payout ratio will go up to 33 percent and will eventually reach 57 percent during the maturify stage (IV). a. Assuming earnings per share wall be as follows during each of the four stages, indicate the cash dividend per share (if ary) during each stage Note: Leave no cells blank - be certain to enter " 0 " wherever required. Do not round intermediate calculations and round your answers to 2 decimal places. b. Assume in Stage IV that an investor owns 335 shares and is in a 15 percent tax bracket. What will be the investor's aftertax income b. Assume in Stage IV that an investor owns 335 shares and is in a 15 percent tax bracket. What will be the irvestor's aftertax income from the cash dividend? Note: Do not round intermediate calculations and round your answer to 2 decimal places. c. In what two stages is the firm most likely to utilize stock dividends or stock splits? Note: Select two answers. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. 2 Stoge IV