Worthington Corporation has declared an annual dividend of $0.8 per share. For the year just ended, earnings were $8 per share.

a. Worthington's payout ratio is ____________ percent. (Input answer as a percent rounded to 2 decimal places, without the percent sign.)

b. Suppose Worthington has 9 million shares outstanding. Borrowing for the coming year is planned at $26,000,000. Assuming a residual dividend policy, the equity portion of the planned investment outlays is $____________ (Round answer to nearest whole dollar). Implicit in these calculations is a target debt-equity ratio of ____________ (Round answer to 4 decimal places)