The capital budget of Braxton, Inc. is $5,000,000. The company wants to maintain a target capital structure that is 35% debt and 65% equity. The company forecasts that its net income this year will be $3,500,000. If the company follows a residual dividend policy, what will be its total dividend payment? -$250,000 $250,000 $1,750,000 $3,500,000 None of the above