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

20162016?

b.If the firm had a dividend payout of $1.00 per share, increasing by $0.10 per share whenever the dividend payout fell below 50% for two consecutive years, the annual dividend the firm would pay in

20162016

is

$

c.If the firm's policy were to pay $0.50 per share each period except when earnings per share exceed $3.00, when an extra dividend equal to 80% of earnings beyond $3.00 would be paid, what annual dividend would the firm pay in

20162016?

Earnings per share per year:$

2019:4.00 2014: 2.40

2018:3.80 2013: 1.20

2017:3.20 2012: 1.80

2016: 2.80 2011: -0.50

2015: 3.20 2010: 0.25