15. SiriusXM, Inc. currently has 5 million common stock shares outstanding. Over thenext 3 years, the firm anticipates capital expenditures that will lead to volatility indiscretionary cash flow. From Year 4 on, however, the firm anticipates stable incomeand discretionary cash flows. You have the following forecasts of managementavailable:$ MYear :1 2 3 4+Net Income10 10 8 14Depreciation11 1 2CapitalExpenditures14 4 1∆WorkingCapital00 0 0∆Debt00 0 0Last year's (Year 0's) dividend was $0.75 per share. Which of the following is the optimaldividend policy for this firm for Years 1-3 and 4+ based on the best practices we havestudied? (DPS(t) = Dividend Per Share in Year t.)To answer this question, you may find the following table helpful in framing your analysis:Year:0123Total Cum.(Years 1-3)4+Discr. Cash Flow ($M)10872513Discr. CashFlow/Share2.60Dividend/Share$0.752.60a.DPS(1) = 1.05; DPS(2) = 1.30; DPS(3) = 2.65; Total DPS forYears 1-3 = 5.00b.DPS(1) = 0.70; DPS(2) = 1.80; DPS(3) = 2.50; Total DPS for