DEF Corp. has the following information for the year 2023:

Net Income: $100,000

Dividends Paid: $20,000

Retained Earnings (Beginning of the Year): $50,000

Retained Earnings (End of the Year): $130,000

Requirements:

Calculate the dividend payout ratio.

Determine the retention ratio.

Compute the growth in retained earnings.

Assess the impact of the dividend policy on the company's growth.

Provide recommendations for future dividend policies.