set forth in parts a through d$.$

a$.$ Pay out $50\%$ of earnings in all years with positive earnings.

b$.$ Pay $$0\mathrm{.}60$ per share and increase to $$0\mathrm{.}70$ per share whenever earnings per share rise above $$1\mathrm{.}00$ per share for two consecutive years.

c$.$ Pay $$0\mathrm{.}60$ per share except when earnings exceed $$1\mathrm{.}10$ per share, in which case pay an extra dividend of $60\%$ of earnings above $$1\mathrm{.}10$ per share.

d$.$ Combine policies in parts $b$ and $c.$ When the dividend is raised $($in part b$),$ raise the excess dividend base $($in part $c)$ from $$1\mathrm{.}10$ to $$1\mathrm{.}20$ per share.

e$.$ Compare and contrast each of the dividend policies described in parts a through $d.$

a$.$ If the firm pays out $50\%$ of earnings in all years with positive earnings, the annual dividend the firm would pay in year $2015$ is $ $($Round to the nearest cent.$)$ firm would pay in year $2015$ is $$,($Round to two decimal places.$)$ would pay in year $2015$ is $$,($Round to two decimal places.$)$ would pay in this case in year $2015$ is $$,($Round to two decimal places.$)$