Because of its excess funds, cold duck is thinking about raising its dividend payout ratio to satisfy shareholders what percentage of its earnings can cold duck pay to share holders without need to raise external capital?

reported Sales $820,000

sales increase by 8% in the next year

current profit margin and dividend payouts of 20%

total assets $475,000

accounts payable $75,000

Notes payable $35,000

accrued liabilities $60,000