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 (1). During the growth stage (II), she anticipates 12 percent of earnings will be distributed as dividends. As the firm progresses to the expansion stage (1l), the payout ratio will go up to 39 percent and will eventually reach 54 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. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations and round your answers to 2 decimal places.) Stage 1 Stage II Stage III Stage IV $ 0.20 1.05 2.90 3.50 Answer is complete but not entirely correct. Stage 1 Stage 1 Stage 1 Stage IV Dividends $ 0.00 $ 0.22 $ 0.98 $ 2.15 b. Assume in Stage IV that an investor owns 350 shares and is in a 15 percent tax bracket. What will be the investor's aftertax income from the cash dividend? (Do not round intermediate calculations and round your answer to 2 decimal places.) Answer is complete but not entirely correct. Alertax income 592 833 c. In what two stages is the firm most likely to utilize stock dividends or stock splits? (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.) Stage Stage 1 V Stage It 7 Stage IV