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 2018? b. I the had a dividend payout of $1.00 per share, increasing by S 10 per share whenever he dividend payout fel below 50% for two consecutive years, what annual d dend would the firm pay in 2018? 2018? he firm s policy were o pay $0.50 per share each penod excep when earnings per share exceed 00 when an extra dr c end equa to 80% of earnin s beyond S would be paid w a annua di dena would d. Discuss the pros and cons of each dividend policy described in parts a through c im arm 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 ann ald den or 2018 s S Round to he nearest cent