Residual Distribution Model Puckett Products is planning for $4 million in capital expenditures next year. Puckett's target capital structure consists of 45% debt and 55% equity. If net income next year is $3 million and Puckett follows a residual distribution policy with all distributions as dividends, what will be its dividend payout ratio? Round your answer to two decimal places. % Residual Distribution Policy Petersen Company has a capital budget of $1.1 million. The company wants to maintain a target capital structure that is 55% debt and 45% equity. The company forecasts that its net income this year will be $800,000. If the company follows a residual distribution model and pays all distributions as dividends, what will be its payout ratio? Round your answer to two decimal places. Dividend Payout The Wei Corporation expects next year's net income to be $20 million. The firm is currently financed with 45% debt. Wei has $9 million of profitable investment opportunities, and it wishes to maintain its existing debt ratio. According to the residual distribution model (assuming all payments are in the form of dividends), how large should Wei's dividend payout ratio be next year? Round your answer to two decimal places