The table below lists the final earnings estimates for your company. The company has 7,500,000 shares of common stock outstanding. Year Profits after taxes $18,000,000 $21,000,000 $19,000,000 $23,000,000 $25,000,000 What are the dividends based on the following policies: a) stable dollar policy targeted at 40% of earnings (based on the estimated history.) b) regular dividend of $.60 per share plus year end extra when profits exceed $20,000,000. This extra dividend will be 50% of profits in excess of the $20,000,000. c) a constant dividend payout ratio of 40%