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 2019? 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 2019 ? 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 2019 ? d. Discuss the pros and cons of each dividend policy described in parts a through c. \begin{tabular}{cc|cc} Year & Earnings per share & Year & Earnings per share \\ \hline 2022 & $3.88 & 2017 & $2.09 \\ 2021 & $4.78 & 2016 & $1.83 \\ 2020 & $4.48 & 2015 & $1.03 \\ 2019 & $3.84 & 2014 & $0.54 \\ 2018 & $4.59 & 2013 & $0.57 \end{tabular}