A firm experiences increasing EPS of $2.00, $2.60, $3.38, $4.39, and $5.71 over the last five years. During that same time, it paid dividends of $1.00, $1.10, $1.21, $1.33, and $1.46 respectively. Which of the following statements is most accurate? 

A. The retention ratio equals the payout ratio.  

B. The retention ratio has been increasing over the last five years.  

c. The payout ratio has been increasing over the last five years. 

D. This type of company is likely a utility