Over the last 10 years, a firm has had the earnings per share shown in the following table: 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 2014? If the firm had a dividend payout of SI.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 2014? If the firm's policy were to pay SO. 50 per share each period except when earnings per share exceed S3.00, when an extra dividend equal to 80% of earnings beyond S3.00 would be paid, what annual dividend would the firm pay in 2014? Discuss the pros and cons of each dividend policy described in parts a through c. 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 2014