a. If the firm's dividend policy were based on a constant payout ratio of 40% for all years with positive earnings and otherwise, what would be the annual dividend b. If the firm had a dividend payout of $1.00 per sharo, increasing by $0.10 per share whenever the dividend payout fol below 50% for two consecutive years, what annual dividend would the firm pay in 2022? C. If the firm's policy were to pay $0.50 per share each period except when earnings per share exceed $3.00, when an extra dividend equal to 80% of earnings beyond $3.00 would be paid what annual dividend would the firm pay in 20222 d. Discuss the pros and cons of each dividend policy described in parts a through e. a. If the firm's dividend policy were based on a constant payout ratio of 40% for all years with positive earnings and 0% otherwise, the annual dividend for 2022 is $1,61 (Round to the nearest cont.) per the dividend payout foll below 50% for two consecutive years, the Data Table (Click on the loon here in order to copy the contents of the data table below into a spreadsheet.) Year Earnings per share Year Earnings per share 2022 $4.02 2017 $2.00 2021 $3.12 2016 $1.77 2020 $4,46 2015 $1.86 2019 $2.18 2014 -$1.29 2018 $3.47 2013 $0.57