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Kurt's Adventures has a debt-equity ratio of 3. Earnings for next year are estimated at $30,000. Capital spending is estimated at $100,000 for next year.

Kurt's Adventures has a debt-equity ratio of 3. Earnings for next year are estimated at $30,000. Capital spending is estimated at $100,000 for next year. If the company follows a residual dividend policy, what is the estimated dividend payout ratio?

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