A firm's payout ratio rose from 12% to 18%. Based on this increase, which of the following statements is correct? a. Dividends will not change, and the need for external capital is not impacted. b. Dividends will decrease, leaving more income to fund new assets, which decreases the need for external capital. c. Dividends will increase, leaving less income to fund new assets, which increases the need for external capital. d. Dividends will increase, leaving more income to fund new assets, which decreases the need for external capital