Groeneweg Corporation has provided the following data: Common stock, $2 par value Total stockholders' equity Net operating income Net income before taxes Net income Year 2 $ 100,000 $ 1,129,000 Year 1 $ 100,000 $1,100,000 $ 61,538 $ 51,538 $ 33,500 Dividends on common stock during Year 2 totaled $4,500. The market price of common stock at the end of Year 2 was $9.45 per share. The company's dividend payout ratio for Year 2 is closest to: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 8.7% 13.4% 4.5% 1.0%