Edelman, Inc. provides the following information for 2017:

Net income $290,000

Market price per share of common stock $30.00/share

Dividends paid $1.00/share

Common stock outstanding at Jan. 1, 2017 110,000 shares

Common stock outstanding at Dec. 31, 2017 120,000 shares

The company has no preferred stock outstanding. Calculate the dividend payout ratio. (Round any intermediate calculations and your final answer to two decimal places.)