The following data came from the financial statements of Ryerson Corp. for 2019 and 2018.
_____________________________________________________ 2019 ___________ 2018
Net income .............................................................. $110,000 ............. $123,000
Cash dividends paid on common stock .............................. $42,000 ................ $38,000
Market price per share of common stock at the end of the year ... $16.00 ................. $13.00
Shares of common stock outstanding ..................................140,000 ................ 140,000
Required:
Calculate Ryerson's dividend payout ratio for 2019 (in percentage terms, rounded to two decimal places).