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Company Inc. earned $12 million in 2020. The company has a target D/E ratio of 1:3, and is considering Investing in two positive NPV projects

Company Inc. earned $12 million in 2020. The company has a target D/E ratio of 1:3, and is considering Investing in two positive NPV projects that require investment of cashWhat is the company's dividend payout ratio under a residual dividend policy? 25% 36% 50% 33.3%

Please explain. Your help is much appreciated

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