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Last year, a firm earned $31,200 in net income on sales of $217,600. The company paid $8,500 in dividends. What is the dividend payout ratio?

Last year, a firm earned $31,200 in net income on sales of $217,600. The company paid $8,500 in dividends. What is the dividend payout ratio? a. 3.45 percent b. 4.71 percent c. 16.25 percent d. 22.85 percent e. 27.24 percent

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