15)

Net income	$ 45,000
Number of common shares outstanding, beginning of the year	45,000
Number of common shares outstanding, end of the year	55,000
Market price per share	$ 15
Dividends per share	$ 0.50
Total assets, end of the year	$ 200,000
Total liabilities, end of the year	$ 80,000

The dividend payout ratio is closest to:

Multiple Choice

• 3.3%.

• 52.5%.

• 55.6%.

• 58.2%.