A financial analyst is attempting to assess the future dividend policy of Environmental Systems by examining its life cycle. She anticipates no payout of earnings in the form of cash dividends during the development stage (f). Ouring the growth stage (i), she anticipates 14 percent of earnings will be distributed as dividends. As the firm progresses to the expansion stage (iil), the payout rotio wili go up to 40 percent and will eventually reach 53 percent during the maturity stage iV). a. Assuming earnings per share will be as follows during each of the four stages, indicate the cash dividend per share (if any) during each stage. Note: Leave no celis 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 325 shares and is in a 15 percent tax bracket. What will be the investor's aftertax income from the cash dividend? Note: Do not round intermediate calculations and round your answer to 2 decimal places. Assume in Stage iV that an investor owns 325 shares and is in a 15 percent tax bracket. What will be the investor's aftertax income from the cash dividend? Note: Do not round intermediate calculations and round your answer to 2 decimal places. 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 eliek the box with the question mark to empty the box for a wrong answer. suspe 1 Sthot 2 stuge in 17 suge iv