A mature firm's equity can be valued using the dividend discount model or price-to-earnings multiple. The firm has a: 12 times price-to-earnings multiple; 8% pa total required return on equity given by the capital asset pricing model (CAPM); 1% expected perpetual growth rate in dividends and earnings. The firm's payout ratio (dividend / EPS) is expected to be: Select one: a. 8.3333% b. 70% C. 84% d. 96% e. 100%