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Lucas, Inc. earned $13 million last year and retained $5 million. Lucas has 15 million shares outstanding, and the current price of Lucas shares is

Lucas, Inc. earned $13 million last year and retained $5 million. Lucas has 15 million shares outstanding, and the current price of Lucas shares is $40 per share. What is the payout ratio? (Round your answer to the nearest whole percent.)

67%

62%

65%

57%

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