Red Bison Petroleum Producers Group is expected to generate $140,000,000 in net income over the next year. Red Bison Petroleum Producers Group has forecasted a capital budget of $86,000,000, and it wishes to maintain its current capital structure of 70% debt and 30% equity. t plans to spend $85,000,000 on capital projects over the next year and expects to finance this investment in the same proportion as its capital structure. the company makes distributions in the form of dividends.
What will Red Bison Petroleum Producers' dividend payout ratio be if it follows a residual dividend policy?