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Hoax Products is planning for $ 7 million in capital expenditures next year. Hoax's target capital structure consists of 5 5 % debt and 4

Hoax Products is planning for $7 million in capital expenditures next year. Hoax's target capital structure consists of 55% debt and 45% equity. If net income next year is $5 million and Hoax follows a residual distribution policy with all distributions as dividends, what will be its dividend payout ratio? round final answer to two decimal places.

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