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RJ Builders Berhad has a capital budget of RM75,000 and net income of RM65,000. Its capital consists of 35% debt, while the remaining in the

RJ Builders Berhad has a capital budget of RM75,000 and net income of RM65,000. Its capital consists of 35% debt, while the remaining in the form of equity. If RJ follows the residual dividend model, calculate its dividend payout ratio.

18.23%

22.50%

20.25%

25.00%

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