Consider the following information about Earl Grey, Inc.

Total assets $250 million

Total debt $110 million

Preferred stock $ 35 million

Common stockholders' equity $105 million

Net profits after taxes $25.5 million

Number of preferred stock outstanding 1.5 million shares

Number of common stock outstanding 9 million shares

Preferred dividends paid $2.5 per share

Common dividends paid $0.70 per share

Market price of the preferred stock $32.55 per share

Market price of the common stock $26.00 per share

Use the information above to find the following: The dividend payout ratio