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Bertram Corporation had net income of $325,000 and paid dividends to common stockholders of $39,000 in 2014. The weighted average number of shares outstanding in

Bertram Corporation had net income of $325,000 and paid dividends to common

stockholders of $39,000 in 2014. The weighted average number of shares outstanding in

2014 was 50,000 shares. Bertram Corporation's common stock is selling for $52 per

share on the New York Stock Exchange. Bertram Corporation's payout ratio for 2014 is

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