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 $($I$).$ During the growth stage $($II$),$ she

anticipates $13$ percent of earnings will be distributed as dividends. As the firm progresses to the expansion stage $($III$),$ the payout ratio

will go up to $31$ percent and will eventually reach $56$ 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 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 $290$ 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.

Aftertax income

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.

$?$ Stage I

Stage II

Stage III

Stage IV