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Why did Modigliani and Miller argue that dividend policy should be irrelevant? Describe in reality the potential considerations for a firm when deciding on its

Why did Modigliani and Miller argue that dividend policy should be irrelevant? Describe in reality the potential considerations for a firm when deciding on its dividend policy. (20 marks)

b) Describe the components of working capital and the considerations that the firm must weigh up when managing its working capital.

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