Manning Inc. expects Net Income of $ 900,000 for the year-end 2013. The firm's capital structure consists of 40 percent debt and 60 percent equity. In its next capital budgeting cycle (2014), the firm expects to fund one large positive NPV project costing $1, 200,000, and it will fund this project in accordance with its target capital structure. If the firm follows a residual dividend policy and has no other projects, what is its expected dividend payout ratio