Please help.

This is a more difficult but informative problem. James Brodrick & Sons, Incorporated, is growing rapidly and, if at all possible, would like to finance its growth without selling new equity. Selected information from the company's five-year financial forecast follows. Year 1 2 3 4 5 Earnings after tax ($ millions) 100 114 154 206 300 Capital investment ($ millions) 175 300 300 356 470 Target book value debt-to-equity ratio (%) 120 Dividend payout ratio (%) 120 120 120 120 Marketable securities ($ millions) ? 240 240 (Year 0 marketable securities = $240 million) 240 240 240 a. According to this forecast, what dividends will the company be able to distribute annually without raising new equity and while SK maintaining a balance of $240 million in marketable securities? What will the annual dividend payout ratio be? (Hint. Remember sources of cash must equal uses at all times ) Note: Round dividends to the nearest million dollars and the payout ratio % to the nearest ones place. erences Year (S millions) 2 Dividends (millions) 3 5 20 Divident Payout ratio (%) 20