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The projected capital budget of a corp is $1,000,000, its target capital structure is 60% debt and 40% equity, and its forecasted net income is

The projected capital budget of a corp is $1,000,000, its target capital structure is 60% debt and 40% equity, and its forecasted net income is $550,000. If the company follows a residual dividend policy, what is its forecasted dividend payout ratio?

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