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A firm has had the following earnings history over the last five years: Year Earnings per share 2003 $2.50 2002 2.00 2001 1.75 2000 1.25

A firm has had the following earnings history over the last five years: Year Earnings per share 2003 $2.50 2002 2.00 2001 1.75 2000 1.25 1999 -1.00 If the firm's dividend policy was based on a constact payout ratio of 50 percent for all of the years with earning over $1.50 per share and zero payout otherwise, the annual dividends for 1999 and 2003 2003 we

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