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Question 5 a) Does following the residual theory of dividends lead to a stable dividend? Contrast the basic arguments about dividend policy advanced by Miller and Modigliani and by Gordon and Lintner. b) Explain briefly how the imputation system of dividend payment removes the double taxation of dividends . () Suppose a company pays out fully franked dividends of $120 each to investors with marginal tax rates of 35%% the statutory company tax rate is 30% Calculate the net tax payable or the refund as the case may be