Jillian Industries follows a strict residual dividend policy. The company has a capital budget of $6,000,000. It has a target capital structure that consists of 25% debt and 75% equity. The company forecasts that its net income will be $5,000,000. What will be the company's expected dividend payout ratio this year? (Answer to two decimals, in percent, without the percentage sign, for example, XX.XX)
