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FRL 4401 Inc. earned $12 million in 2024. The company has a target D/E ratio...

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Finance

FRL 4401 Inc. earned $12 million in 2024. The company has a target D/E ratio of 1:2, and is considering investing in two positive NPV projects that require an initial investment of $6 million cash. What is the company's dividend payout ratio under a residual dividend policy?
25%
50%
37.5%
33.3%
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