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A firm has had the following earnings history over the last five years: If the firm's dividend policy was based on a constant payout ratio

A firm has had the following earnings history over the last five years:
If the firm's dividend policy was based on a constant payout ratio of 50 percent for all of the years
with earnings over $1.50 per share and a zero payout otherwise, the annual dividends for 2018
and 2021 were
A. $0 and $1.25, respectively
B. $0.50 and $1.25, respectively
C. $0 and $0.88, respectively
D. $0 and $2.00, respectively
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