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Over the last 10 years, a firm has had the earnings per share shown in...

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Finance

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Over the last 10 years, a firm has had the earnings per share shown in the following table: Year Earnings per share Year Earnings per share 2022 $4.78 2017 $2.94 2021 $3.42 2016 $1.74 2020 $4.41 $1.59 $2.34 2014 -$1.64 2018 $4.13 2013 $0.92 2015 2019 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 2019? 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 2019? 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 2019? d. Discuss the pros and cons of each dividend policy described in parts a through 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 2019 is $ (Round to the nearest cent.) (PLEASE ANSWER ALL PARTS)

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