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 $2014?$

would the firm pay in $2014?$

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

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

Data table