Question :
Tundra Tots' projected capital budget is $3,000,000, its target capital structure is 55% debt and 45% equity, and its forecasted net income is $1,500,000. If the company follows a residual dividend policy, what will be its dividend payout ratio?
The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.