Last year, a firm earned $61,200 in net income on sales of $217,600. The company paid $8,500 in dividends. What is the dividend payout ratio?

K Toys just paid its annual dividend of $1.50. The required return is 8 percent and the dividend growth rate is 1 percent. What is the expected value of this stock five years from now? Start by calculating the dividend six years in the future (This will be D1 in the Constant growth case formula)