Stellar Restaurant Products, Inc. currently has 1,300,000 shares of common stock outstanding with a book value of $7.55 per share. If the firm pays a 9% stock dividend, how many additional shares will the firm have outstanding after the stock dividend? Answer: Avant-Marlowe Technologies has a target capital structure that consists of 40% debt and 60% common equity. The company anticipates that its capital budget for the upcoming year will be $28 million. If the firm reports net income of $21 million, and it follows a residual dividend policy, what will be its dividend payout ratio? Report your answer rounded to two decimal places. Answer: