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Question 4 (a) Describe a constant-payout-ratio dividend policy, a regular dividend policy, and a lowregular-and-extra dividend policy. What are the effects of these policies? (8

Question 4 (a) Describe a constant-payout-ratio dividend policy, a regular dividend policy, and a lowregular-and-extra dividend policy. What are the effects of these policies? (8 marks)

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