Red Bison Petroleum Producers Inc. has generated earnings of $$140,000,000.$ Its target capital structure consists of $60\%$ equity and $40\%$ debt. It plans to spend $$88,000,000$ on capital projects over the next year and expects to finance this investment in the same proportion as its capital structure. The company makes distributions in the form of dividends.

What will Red Bison Petroleum Producers$$s dividend payout ratio be if it follows a residual distribution policy?

$46\mathrm{.}72\%$

$52\mathrm{.}95\%$

$62\mathrm{.}29\%$

$65\mathrm{.}40\%$