Which of the following dividend policies would most likely have the greatest variability in actual dividends paid?

Question

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A residual dividend policy implies that dividends are paid out from the leftover or residual earnings after all operational and investment activities are funded. This means that the amount available for dividends can vary significantly from year to year depending on the company's earnings and investment opportunities, leading to greater variability in actual dividends paid compared to other policies that aim for more consistency or gradual changes in dividend amounts.

Which of the Following Dividend Policies Would Most Likely Have