Alternative dividend policies Over the last 10 years, a firm has had the earnings per share shown in the following table e 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 2016? b. If the firm had a dividend payout of $1.00 per share, increasing by SO. 10 per share whenever the dividend payout fell below 50% for two consecutive years, what annual dividend would the firm pay in 2016? 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 2016? 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 2016 is $(Round to the nearest cent) b. If the firm had a dividend payout of $1.00 per share increasing by S0.10 per share whenever the dividend payout fell below 50% for two consecutive years, the annual dividend the firm would pay in 2016 is 1 (Round to the nearest cent) 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 the annual dividend the firm would pay in 2016 is $(Round to the nearest cent.) d. Which policy uses a constant-payout ratio which will yield low or no dividends if earnings decline or a loss occurs? (Select the Data Table OA. The policy described in part a B. The policy described in part b OC. The policy described in part c. Which policy uses a low-regular-and-extra dividend policy giving investors a stable income? (Select the best answer below.) (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 5466 2017 $2.85 2021 54.97 2016 $1.29 2020 $4.82 2015 $1.13 2019 52 22 2014 - 50.67 2018 $3.06 2013 $0.54 Click to select your answer(s)