Explanation:

Putable shares typically offer the lowest dividend yield among the options. This is because they provide the investor with the right to sell the shares back to the issuer at a predetermined price, reducing the investor's risk. Lower risk translates to a lower required return, resulting in a lower dividend payment compared to callable or non-callable shares.

• Callable shares (B) are riskier for investors, as the issuer can redeem them at a predetermined price. To compensate for this risk, callable shares generally pay a higher dividend.
• Non-callable shares (C) do not have this redemption feature, making them less risky than callable shares but more risky than putable shares. Consequently, their dividend yield falls between the other two options.