Yellow Duck Distribution Company has generated earnings of $240,000,000. Its target capital structure consists of 60% equity and 40% debt. It plans to spend $83,000,000 on capital projects over the next year and expects to finance this investment in the same proportion as its capital structure. The company makes distributions in the form of dividends. What will Yellow Duck Distribution Company's dividend payout ratio be if it follows a residual dividend policy? 67.36% 79.25% 71.33% 63.40