AALE Inc has a capital budget of $625,000, and it wants to maintain a target capital structure of 40% debt and 60% equity. The company forecasts a net income of $463,557. If it follows the residual dividend policy, what is its forecasted dividend payout ratio? Residual Distribution Formula Distribution = Net Income - (Target equity ratio)(Total capital budget) Enter your answer rounded to 2 decimal places, and do not enter any symbols such as $, % or commas. Enter the percentage value, not the decimal (eg, 12.32 not 0.1232) 48.53 An underwriter follows a best efforts basis to sell 2 million shares at $12 each. Such a public offering price has included a $1 spread. How much will the issuing company receive if only 1.5 million shares are sold in this issue? O $12 million $22 million $16.5 million $18 million Frosty Beverages has just paid a dividend of $1.8. The non-constant dividend growth rate is expected to be 15% for 3 years, after which point dividends growth is expected to change to a rate of 6% forever. If the firm's required return ('s) is 11%, what is the company's current share price? Enter your answer rounded to 2 decimal places, and do NOT enter any symbols such as $, % or commas. 37.52