$($Alternative dividend policies$)$ Final earnings estimates for the Smithfield Meat Packing Company have been prepared for the CFO of the company and are

shown in the following table: $.$ The firm has $7,700,000$ shares of common stock outstanding. As assistant to the CFO, you are asked to determine the

yearly dividend per share to be paid depending on the following possible policies:

a$.$ A stable dollar dividend targeted at $60$ percent of earnings over a $5-$year period.

b$.$ A small, regular dividend of $$0\mathrm{.}50$ per share plus a year$-$end extra when the profits in any year exceed $$21,000,000.$ The year$-$end extra dividend will equal

$70$ percent of profits exceeding $$21,000,000.$

c$.$ A constant dividend payout ratio of $45$ percent.

a$.$ What is the yearly dividend per share to be paid depending on a stable dollar dividend targeted at $60$ percent of earnings for years $1$ through $5?$

$ per share $($Round to the nearest cent.$)$

Data table

$($Click on the following icon in order to copy its contents into a spreadsheet$)$