Jeff Healy, a junior financial analyst at The Soulless Shoe Company, has been asked to calculate this year's dividend. Jeff has gathered the following data: CAPEX (spending on fixed assets): $8,000 Increase in net working capital: $2,000 Target capital structure: 40% debt and 60% equity Net income: $8,000 If Soulless follows the residual dividend policy, then what will its dividend payout rate be? Express your answer in percentage form rounded to the nearest percent