For the last 20 years, a firms earnings per quarter have grown at a constant rate of 4%. Over the same 20 year period, quarterly dividends have also grown at 4%. What is true about the firm over this 20-year period?

The firm only invested in positive NPV investments

The payout ratio was constant

The firm issued more shares of stock every quarter

The firm never issued bonds

The firm did not pay dividends before this 20 year period