Please show work.,,Pate & Co. has a capital budget of $3,000,000. The company wants to maintain a target capital structure that is 15 percent debt and 85 percent equity. The company forecasts that its net income this year will be $3,500,000. If the company follows a residual dividend policy, what will be its total dividend payment? ,,(a) $205,000 ,(b) $500,000 ,(c) $950,000 ,(d) $2,550,000 ,(e) $3,050,000 ,
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