Alternative dividend policies Over the last 10 years, a firm has had the earnings per share shown in the following table U a. If the firm's dividend policy were based on a constant payout ratio of 40% for all yours with positive earnings and 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 didend 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 dindend equal to 80% of eamings beyond $3.00 would be paid, what annual dividend would the firm pay in 20202 d. Discuss the pros and cons of each dividend policy described in parts a through 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) Data table X bt would be end pa firm Wo consec e top qual to 80 aid, w cons (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Year Earnings per share Year Earnings per share 2022 $3.45 2017 $2.47 2021 $3.95 2016 $1.46 2020 $3.62 2015 $1.69 2019 $2.58 2014 - $0.53 2018 $4.47 2013 $0.49 Blicy est c annual din Print Done