Shareholder Ratios}

Orion Corp.'s financial data for 2018 and 2017 included the following:

Required:
Calculate Orion's dividend payout ratio for 2018.

\section*{Exercise

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2018 2017 Net income $120,000 $135,000 Cash dividends paid on common shares 49,000 42,000 Market price per share of common shares at the end of the year 19.00 17.00 Shares of common shares outstanding 150,000 150,000