Dividend Payout The Wel Corporation expects next year's net income to be $20 million. The firm is currently financed with 45% debt: Wel has $11 million of proficable investment opportunities, and it wishes to maintain its existing debt ratio. According to the residual distribution model (assuming all poyments are in the form of dividends), how large should Wei's dividend payout ratio be next year? Round your answer to two decimal places