Alternative dividend policies Over the last 10 years, a firm has had the earnings per share shown in the following table: B 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 2017? 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 2017? 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 2017? d. Discuss the pros and cons of each dividend policy described in parts a through c. 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 2017 is $ (Round to the nearest cent.) Data table (Click on the icon here e in order to copy the contents of the data table below into a spreadsheet.) Year 2022 2021 2020 2019 2018 Earnings per share $3.75 $4.24 $3.54 $2.97 $3.01 Year 2017 2016 2015 2014 2013 Earnings per share $2.99 $1.02 $1.66 - $1.11 $0.82