Over the last $10$ years, a firm has had the earnings per share shown in the following$$ table: LOADING....

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 $2017?$

b$.$If the firm had a dividend payout of$$ $$1\mathrm{.}00$ per$$ share, increasing by$$ $$0\mathrm{.}10$ per share whenever the dividend payout fell below$50\%$ for two consecutive$$ years, what annual dividend would the firm pay in $2017?$

c$.$If the$$ firm's policy were to pay$$ $$0\mathrm{.}50$ per share each period except when earnings per share exceed$$ $$3\mathrm{.}00,$ when an extra dividend equal to $80\%$ of earnings beyond$$ $$3\mathrm{.}00$ would be$$ paid, what annual dividend would the firm pay in $2017?$

d$.$Discuss the pros and cons of each dividend policy described in parts a through c$.$