Bramble Corp. had the following information in its financial statements for the years ended 2017 and 2018:

Cash dividends for the year 2018 $ 9600

Net income for the year ended 2018 80000

Market price of stock, 12/31/17 8

Market price of stock, 12/31/18 10

Common stockholders' equity, 12/31/17 992000

Common stockholders' equity, 12/31/18 1198000

Outstanding shares, 12/31/18 99100

Preferred dividends for the year ended 2018 16000

What is the payout ratio for Bramble Corp. for the year ended 2018?

12.0%

15.0%

28.6%

21.1%