D. Paul Inc. forecasts a capital budget of $700,000. The CFO wants to maintain a target capital structure of 45% debt and 55% equity, and she also wants to pay a dividend of $350,000. If the company follows the residual dividend model, how much income must it earn, and what will its dividend payout ratio be? O a. $639,450; 54.73% O b. $801,150; 43.69% O c. $911,400; 38.40% O d. $742,350; 47.15% O e. $735,000; 47.62%