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13. Petersen Company has a capital budget of $1.6 million. The company wants to maintain a target capital structure that is 40 percent debt and
13. Petersen Company has a capital budget of $1.6 million. The company wants to maintain a target capital structure that is 40 percent debt and 60 percent equity. The company forecasts that its net income this year will be $1,000,000. If the company follows a residual dividend policy, what will be its payout ratio? (4 pts.)
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