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Gaven Industries is expected to generate $1,200,000 in net income over the next year. Gaven has forecasted a capital budget of $1,200,000 and it wishes

Gaven Industries is expected to generate $1,200,000 in net income over the next year. Gaven has forecasted a capital budget of $1,200,000 and it wishes to maintain its current capital structure of 60% debt and 40% equity. If the company follows a strict residual dividend policy, what is its expected dividend payout ratio for this year? (answer will be percentage)

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