问题如下：
2. Assume that Wilson Paper funds its capital spending out of its estimated full year earnings. If Wilson uses a residual dividend policy, determine Wilson’s implied dividend payout ratio.
选项：
A.36 percent.
B.40 percent.
C.60 percent.
解释：
B is correct.
Earnings available for dividends = Earnings – Capital spending = $25 million – $15 million = $10 million; $10 million/$25 million = 40 percent dividend payout ratio.
老师好， 这里“Assume that Wilson Paper funds its capital spending out of its estimated full year earnings." 这句是否理解为假设Wilson Paper 用全部的earnings 25M 去fund 他们预测的capital spending 15M 没有说capital spending 里的目标equity 或内部融资Retained earning 就是15M， 为啥这答案里就假设 target equity = $15 M而不是 $15M*0.65 （况且题目中还给了D/E ratio)? 谢谢。
