A. ltamonte Telecommunications has a target capital structure that consists of 60% debt and 40% equity. The company anticipates that its capital budget for the upcoming year will be $2,000,000. If Altamonte reports net income of $1,900,000 and it follows a residual dividend payout policy, what will be its dividend payout ratio? Round your answer to two decimal places.

B. Gamma Industries has net income of $2,400,000, and it has 1,345,000 shares of common stock outstanding. The company's stock currently trades at $65 a share. Gamma is considering a plan in which it will use available cash to repurchase 20% of its shares in the open market at the current $65 stock price. The repurchase is expected to have no effect on net income or the company's P/E ratio. What will be its stock price following the stock repurchase? Do not round intermediate calculations. Round your answer to the nearest cent.