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Broxholme Industries has sales of $40 million, equity totaling $27.5 million, and an ROS of 12%. The sustainable growth rate has been calculated at 14.5%.

Broxholme Industries has sales of $40 million, equity totaling $27.5 million, and an ROS of 12%. The sustainable growth rate has been calculated at 14.5%. What dividend payout ratio was assumed in this calculation? Round the answer to 2 decimal places.

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