Residual dividend model- Axel Telecommunications has a target capital structure that consists of 60% debt and 40% equity. The company anticipates that its capital budget for the upcoming year will be $1,000,000. If Axel reports net income of $1,200,000 and it follows a residual dividend payout policy, what will be its dividend payout ratio? Round your answer to two decimal places. ___________% .......................................... STOCK SPLIT- Gamma Medical's stock trades at $80 a share. The company is contemplating a 3-for-1 stock split. Assuming that the stock split will have no effect on the market value of its equity, what will be the company's stock price following the stock split? Round your answer to the nearest cent. $ ____________