Halex Bhd. a manufacturer of tiles has forecasted its investment opportunities over the next five years. The company maintains a 35:65 debt to equity mix, which the management accepts to be an optimal capital structure for firms within the industry. At present the outstanding common stocks amounts to 2 million units. The total cost of each year's investment and the earnings available for that year are as follows: Required: a) Calculate dividend per share for each year assuming the firm applies the residual dividend policy. (15 Marks) b) Based on your results as per (a) above, discuss the implication of adopting a pure residual dividend policy. (10 Marks)