Shares Remaining After Recapitalization

Dye Trucking raised $270 million in new debt and used this to buy back stock. After the recap, Dye's stock price is $7.5. If Dye had 45 million shares of stock before the recap, how many shares does it have after the recap? Enter your answers in millions. For example, an answer of $10,550,000 should be entered as 10.55. Do not round intermediate calculations. Round your answer to two decimal places.

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Residual Distribution Model

Puckett Products is planning for $2.5 million in capital expenditures next year. Puckett's target capital structure consists of 65% debt and 35% equity. If net income next year is $1 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.