Frasier Cabinets wants to maintain a growth rate of 5 percent without incurring any additional equity financing. The firm maintains a constant debt-equity ratio of .55, a total asset turnover ratio of 1.30, and a profit margin of 9 percent. What must the dividend payout ratio be?

A.26.26 percent

B.38.87 percent

C.49.29 percent

D.61.13 percent

E.73.74 percent