Altamonte Telecommunications has a target capital structure that consists of 45% debt and 55% equity. The company anticipates that its capital budget for the upcoming year will be $1,000,000. If Altamonte reports net income of $3,000,000 and it follows a residual dividend payout policy, what will be its dividend payout ratio? Round your answer to two decimal places.

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Gamma Industries has net income of $3,200,000, and it has 790,000 shares of common stock outstanding. The company's stock currently trades at $53 a share. Gamma is considering a plan in which it will use available cash to repurchase 10% of its shares in the open market at the current $53 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.

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After a 4-for-1 stock split, Tyler Company paid a dividend of $1.25 per new share, which represents a 9% increase over last year's pre-split dividend. What was last year's dividend per share? Round your answer to the nearest cent.

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Walsh Company is considering three independent projects, each of which requires a $5 million investment. The estimated internal rate of return (IRR) and cost of capital for these projects are presented here:

Project H (high risk):	Cost of capital = 16%	IRR = 21%
Project M (medium risk):	Cost of capital = 13%	IRR = 11%
Project L (low risk):	Cost of capital = 7%	IRR = 10%

Note that the projects' costs of capital vary because the projects have different levels of risk. The company's optimal capital structure calls for 55% debt and 45% common equity, and it expects to have net income of $13,394,000. If Walsh establishes its dividends from the residual dividend model, what will be its payout ratio? Round your answer to two decimal places.

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