15-1Residual Dividend Model: Axel telecommunications has atarget capital structu

15-1Residual Dividend Model: Axel telecommunications has atarget capital structure that consisits of 70% debt and 30% equity.The company anticipates that its capital budget for the upcomingyear will be $3000000. If Axel reports net income of $2000000and it follows a residual dividend payout policy what will be itsdividend payout ratio?