Cargo Inc. which is subjected to a 20% tax rate employs a residual dividend policy to its ordinary shareholders. The expected before-tax net income for the year is P2,500,000. The firm will retain a 75% plow-back ratio. International Cargo Inc. is funded only by common equity and debt on which the target debt ratio is 60%. Assuming that the shares of Cargo Inc. have a market price of P35, what is the dividend yield?