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? b. If the firm had a dividend payout of $1.00 per share, increasing by $0.10 per share whenever the dividend payout fell below 50% for two consecutive years, what annual dividend would the firm pay in 2020? c. If the firm's policy were to pay $0.50 per share each period except when earnings per share exceed $3.00, when an extra dividend equal to 80% of earnings beyond $3.00 would be paid, what annual dividend would the firm pay in 2020? d. Discuss the pros and cons of each dividend policy described in parts a through c. CH 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 annual dividend for 2020 is $. (Round to the nearest cent.) O X Data table ima (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Year 2022 2021 2020 2019 2018 Earnings per share $3.81 $4.01 $3.06 $2.09 $3.62 Year 2017 2016 2015 2014 2013 Earnings per share $2.66 $1.89 $1.71 - $1.55 $0.68 Print Done