Consider a company with the following: $5,000,000 sales, $250,000 cash dividends, $2,500,000 cost of goods sold (excl. depr), $200,000 administrative expense (excl. depr), $150,000 depreciation expense, $215,000 interest expense, and a tax rate of 38%. There are 500,000 outstanding shares. What is the payout ratio? (Answer format: xx.x without the "%")