Northwood Ltd has revenue of $540,492 and costs of $389,154 and pays a tax rate of 31 percent. The company pays out 45 percent of its earnings as dividends every year, Northwood expects to increase its sales by 11 percent next year, and all costs vary directly with sales. If Northwood wants to retain $65,000 as retained earnings next year, its new dividend payout ratio is [A]%.

	A.	56.08%
	B.	45.91%
	C.	31.02%
	D.	43.92%