Boonme Corporation had the following information in its financial statements for the years ended 2019 and 2020: Cash dividends for the year 2020 $10,000; Net income for the year ended 2020 $93,000; Market price of stock, 12/31/19 $10; Market price of stock, 12/31/20 $12; Common stockholders' equity, 12/31/19 $1,600,000; Common stockholders' equity, 12/31/20 $1,980,000; Outstanding shares, 12/31/20 160,000; Preferred dividends for the year ended 2020 $15,000. What is the payout ratio for Layne Corporation for the year ended 2020?

Group of answer choices

12.8%

None of these is correct

18.1%

16.1%

10.8%