According to the constant dividend payout ratio policy, SELECT the right option:

A) a dividend is the residual above the payout ratio.

B) earnings remaining after preferred stock dividends have been paid should be paid to common stockholders.

C) dividend payments are a fixed percentage of earnings per share.

D) dividends should be paid only after all investment financing needs have been met.

E) dividends are set at a constant percentage of the value of the common stock.