P14-7 (similar to) A Question Help Alternative dividend policies Over the last 10 years, a firm has had the earnings per share shown in the following table: 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 2021? 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, what annual dividend would the firm pay in 2021? 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 2021? d. Discuss the pros and cons of each dividend policy described in parts a through c. 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, the annual dividend for 2021 is $ (Round to the nearest cent.) Data Table (Click on the icon here into a spreadsheet.) in order to copy the contents of the data table below Year 2022 2021 2020 2019 2018 Earnings per share $4.81 $4.27 $3.25 $2.44 $3.62 Year 2017 2016 2015 2014 2013 Earnings per share $2.89 $1.72 $1.42 - $1.83 $0.59 Enter your answer in the answer box and then click Check Answer. parts remaining Print Done Check