Alternative dividend policies Over the last $10$ years, a firm has had the earnings per share shown in the following table: $.$

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, what would be the annual dividend for $2020?$

d$.$ Discuss the pros and cons of each dividend policy described in parts a through $c.$

Data table

a$.$ If the firm's

b$.$ If the firm ha

nearest cent.$)$

$($Click on the icon here $$ in order to copy the contents of the data table below

into a spreadsheet.$)$

otherwise, the annual dividend for $2020$ is $$1\mathrm{.}63.($Round to the nearest cent.$)$

below $50\%$ for two consecutive years, the annual dividend the firm would pay in $2020$ is $$.($Round to the