Grandin Inc. is evaluating its dividend policy. It has a capital budget of $625,000, and it wants to maintain a target capital structure of 60% debt and 40% equity. The company forecasts a net income of $775,000. If it follows the residual dividend policy, what is its forecasted dividend payout ratio? Select the correct answer. a. 67.74% b. 68.15% c. 66.92% d. 66.51% e. 67.33%