(a) Dividend policy and the discounted dividend growth model. Note that this model has a number of different names (for instance, Gordon growth model and discounted dividend model). Required: Write a short paragraph and provide any relevant diagram for EACH question below: (i) Demonstrate, using the discounted dividend growth model, how the Miller and Modigliani theory of dividend irrelevance would operate on the model's variables if the dividend payout ratio is increased. (ii) (4 marks) In the same manner, demonstrate, using the discounted dividend growth model, how the bird-in-the hand theory (or fallacy) operates on the model's variables if the dividend payout ratio is increased. (4 marks)