\begin{tabular}{|l} $20,000,000 \\ $14,000,000 \\ $21,000,000 \\ $7,000,000 \\ \hline \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 20.00% \\ \hline 16.00% \\ \hline 8.00% odel. \\ \hline \\ \hline \end{tabular} Seifert Company is considering three independent projects, each requiring $10 million in investment. The estimated internal rate of return (IRR) and cost of capital for these projects are shown in the following table: The optimal capital structure for the company consists of 30.00% debt and 70.00% equity. The company expects to have net income of $17,500,000.00, and is seeking to estimate its dividend payout ratio if dividends are established from the residual dividend model. The required capital budget for these projects is of equity will be required to Assume that Seifert uses the residual dividend m Seifert's dividend payout ratio will be . Given the optimal percentage of equity, this means that cts. :he residual dividend model