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The Garlington Corporation expects next year's net income to be $15 million.

The Garlington Corporation expects next year’s net income to be $15 million. The firm’s debt/assets ratio currently is 40 percent Garlington has $12 million of profitable investment opportunities, and it wishes to maintain its existing debt ratio. According to the residual dividend policy, how large should Garlington’s dividend payout ratio be next year?
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