1.(3 pts) Baker Island Tours expects earnings to grow at a constant rate of 4% forever. Its target debt/assets ratio is 40%, and it expects to have profitable investments of $1.3 million this year. Plans are to continue paying the same dividend that has been paid the past 10 years, $2.25 per share, long into the future. The firm has 500,000 shares of stock outstanding. If net income is expected to be $2 million, what should the dividend payout ratio be this year?