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Lucas Inc. earned $18 million last year and retained $8 million. Lucas has 11 million shares outstanding, and the current price of Lucas shares is

Lucas Inc. earned $18 million last year and retained $8 million. Lucas has 11 million shares outstanding, and the current price of Lucas shares is $20 per share. What is the dividend payout ratio? (Round your answer to the nearest whole percent.)

Multiple Choice

59%
61%
56%
51

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