The capital budget forecast for the Santano Company is $725,000. The CFO wants to maintain a target capital structure of 45% debt and 55% equity, and it also wants to pay dividends of $275,000. If the company follows the residual dividend policy, how much income must it earn, and what will its dividend payout ratio be? Select the correct answer. Foa. NI - $673,330 Payout = 40.76% b. NI = $673,470 O Payout 40.76% SOC. NI - $673,610 UU Payout = 40.80% SO d. NI = $673,890 3 S Payout=40.84% e.NI - $673,750 Payout 40.82%