According to the clientele effect argument, different groups of investors desire different levels of dividends. Choose the most correct statement: Select one: a. retirees and individuals that need current income are less likely to prefer a high dividend payout. b. Tax-exempt investors worry less about differential treatment between dividends and capital gains since they take advantage of a zero-tax bracket. c. Individuals in upper income tax brackets might prefer higher dividend payouts, given the immediate tax liability, in favor of lower capital gains with the deferred tax liability d. low dividend payouts will increase the amount of capital that needs to be raised, thereby towering flotation costs