8. U.S. public companies with low dividend payouts have payout ratios of 0 percent or less, firms with medium payouts have ratios between 1 and 48 percent, and high payout firms have a ratio of 49 percent or more. Given these data, how would you classify the following firms in terms of their optimal payout policy (high, medium, or low)? a successful pharmaceutical company an electric utility a manufacturer of consumer durables a commercial bank a start-up software company