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The capital budget ofSerious Products Companyis $1,000,000. The company wants to maintain a target capital structure that is 40% debt and 60% equity. The company

The capital budget ofSerious Products Companyis $1,000,000. The company wants to maintain a target capital structure that is 40% debt and 60% equity. The company forecasts that its net income this year will be $800,000. If the company follows a residual dividend policy, what will be its total dividend payment?

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