Calculate the payout ratio for each of the six years. Describe the pattern of dividends that you observe (in terms of dollar amount and payout ratio over time). Assume that the total budget has been only $5,000 in each of the past 6 years. What is the implied target equity ratio in each year? EPS Dividends Total dividend CF Net income Revenue 2013 5.55 3.12 2014 4.82 3.28 3,115 3,216 5,586 4,758 28,106 27,441 2015 4.8 3.44 2016 2017 5.44 6.37 3.61 3.83 3,230 3,058 3,089 4,529 4,687 5,192 25,413 24,622 22,820 2018 7.54 4.19 3,256 5,924 21,025