Cаrsоn Cоmpаny hаs a capital budget оf $1.4 million. The company wants to maintain a target capital structure that is 70% debt and 30% equity. The company forecasts that its net income this year will be $500,000. If the company follows a residual distribution model and pays all distributions as dividends, what will be its payout ratio? Round your answer to two decimal places and express as 0.07 for 7.00%, for example. Do not enter $ or % signs.