Harry Potter is a manager who runs a growth-style mutual fund. One of his investment criteria requires a company must grow dividends and earnings by 10% or more for the foreseeable future. Harry is examining MoreGrowCo which makes business intelligence applications for large corporations. The company has a cost of capital of 15% and an ROE of 18%.\ \ \ \ What is the maximum payout ratio the company can use and still maintain a growth rate of 10%?