Puckett Products is planning for $2.9 million in capital expenditures next year. Puckett's target capital structure consists of 65% debt and 35%...

Puckett Products is planning for $2.9 million in capital expenditures next year. Puckett's target capital structure consists of 65% debt and 35% equity. If net income next year is $1.3 million and Puckett follows a residual distribution policy with all distributions as dividends, what will be its dividend payout ratio?