Back to Assignment Attempts Keep the Highest / 1 1. Problem 15-01 (Residual Distribution Model) eBook Problem Walk-Through Residual Distribution Model Puckett Products is planning for $1.8 million in capital expenditures next year. Puckett's target capital structure consists of 55% debt and 45% equity. If net income next year is $2 million and Puckett follows a residual distribution policy with all distributions as dividends, what will be its dividend payout ratio? Round your answer to two decimal places. %