20. Grandin Inc. is evaluating its dividend policy. It has a capital budget of $525,000, and it wants to maintain a target capital structure of 60% debt and 40% equity. The company forecasts a net income of $475,000. If it follows the residual dividend policy, what is its forecasted dividend payout ratio? a. 50.61% b. 52.75% 475K - 625K* 4 = -20K c. 45.00% d. 47.37% 475k e. 55.79%