Case 5 A company has several investment projects under consideration (see the table below). For each project a cash flow occurs only at the end of an investment horizon; there are no interim cash flows. Investment expenditure Project (USD) A 1 250 000 B 650 000 C 600 000 D 500 000 270 000 Investment horizon (years) Cash flow at the end of investment horizon (USD) 1 1 562 500 3 2 2 4 1 123 200 835 440 661 250 395 307 E The company's D/E ratio is 1.5, net income is 1.2 million USD, and WACC is 15%. The company follows residual dividend based payout policy. Is it possible for this company to pay out dividends (and if yes how much) on condition that it maintains constant debt ratio (D/A)?