Sandhurst Enterprises has a target debt/equity ratio of 1/3. It has internally generated after-tax cash flows of $118,000,000, which can be paid out in whole or in part as a dividend. It has a corporate tax rate of 40% and a cost of capital of 12%. It is considering the following projects:
Project U: A perpetual project requires an investment of $30,000,000. It will provide before-tax cash flow of $6,000,000 one year from today and $6,300,000 two years from today. After that, cash flow will decline at the rate of 6% per year forever. Its required rate of return is 12%.
Project V: A perpetual project requires an investment of $50,000,000. It will provide before-tax cash flow of $10,000,000 per year in perpetuity. Its required rate of return is 10%.
Project W: A 10-year project requires an investment of $70,000,000. It will provide before-tax cash flow of $15,000,000 one year from today. After that, cash flows will rise at the rate of 10% per year for 9 years. Its required rate of return is 14%.
Project X: A 25-year project requires a $60,000,000 investment. It will provide after-tax cash flows of $5,000,000 per year for 10 years and after that $10,000,000 per year for an additional 15 years. Its required rate of return is 8%.

Using the residual dividend policy approach, determine which of these four projects Sandhurst should invest in and what should be the dividend payout