Concord Corporation had net income of $100000 and paid dividends of $27150 to common stockholders and $21500 to preferred stockholders in 2020. Concord Corporation's common stockholders' equity at the beginning and end of 2020 was $480000 and $550000, respectively. Concord Corporation's payout ratio for 2020 is 27.15% O7.15% O 22.15% O47.15%