Question: FRL 4 4 0 1 Inc. earned $ 1 2 million in 2 0 2 4 . The company has a target D / E

FRL 4401 Inc. earned $12 million in 2024. The company has a target D/E ratio of 1:3, and is considering investing in two positive NPV projects that require an initial investment of $5 million cash. What is the company's dividend payout ratio under a residual dividend policy?
25%
50%
37.5%
30%
FRL 4401 Inc. earned $12 million in 2024. The company has

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