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The following information pertains to Marsh Company. Assume that all balance sheet amounts represent average balance figures. Total asset $400,000 Stockholders' equity-common 200.000 Total stockholders' equity 280,000 Sales 120,000 Net income 30,000 Number of shares of common stock 8,000 Common stock dividends Preferred stock dividends 9,000 What is Marsh's payout ratio? 1) 50%. 2) 30%. 3) 20%. 4) 7.5%