Residual Distribution Policy Petersen Company has a capital budget of $1.2 million. The company wants to maintain a target capital structure the 50% debt and 50% equity. The company forecasts that its net income this year will be $600,000. 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. % Residual Distribution Policy Petersen Company has a capital budget of $1.2 million. The company wants to maintain a target capital structure the 50% debt and 50% equity. The company forecasts that its net income this year will be $600,000. 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. %