ELAA Inc has a capital budget of $625,000, and it wants to maintain a target capital structure of 40% debt and 60% equity. The company forecasts a net income of $450,308. If it follows the residual dividend policy, what is its forecasted dividend payout ratio?

Residual Distribution Formula Distribution = Net Income - (Target equity ratio)(Total capital budget)

Enter your answer rounded to 2 decimal places, and do not enter any symbols such as $, % or commas. Enter the percentage value, not the decimal (eg. 12.32 not 0.1232)