The idea behind the Irrelevance of the Dividend Policy argument is that if the firm has a lower payout ratio now, it will reinvest the capital into the firm, grow the firm faster, and pay higher dividends later. On the other hand, if the firm has a higher payout ratio now, it will reinvest less capital back into the firm and pay lower dividends later. As long as the required return is earned on investments, it is irrelevant which choice the firm makes. Select one: a. False b. True