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The firm earned 15 million in 2017. It has a target debt-to-equity ratio of 2:3, and is considering investing in two positiveNPV projects that require

The firm earned 15 million in 2017. It has a target debt-to-equity ratio of 2:3, and is considering investing in two positiveNPV projects that require an initial investment of 8 million each. Calculate the companys dividend payout ratio under a residual dividend policy.

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